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Saudi’s PIF ‘to take over Riyadh financial district’

Saudi’s PIF ‘to take over Riyadh financial district’

The first phase of the $10bn business hub is due to open next year

Saudi Arabia’s Public Investment Fund has agreed a deal to manage Riyadh’s $10bn business hub, according to reports.

The kingdom’s sovereign wealth fund will take on the King Abdullah Financial District after finalising an agreement with the Public Pension Agency, according to Bloomberg, citing unnamed sources.

The district, which has been under construction since 2006, will reportedly be put under the management of Hilmi Ghosheh – an advisor for PIF’s real estate projects.

The hub is highlighted in Saudi Arabia’s Vision 2030 economic reform plan, which outlines details for the rehabilitation of the district, which is set to be an economic free zone with visa exemptions and a direct connection to the airport. The first phase of the project is due to launch in 2018.

 

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