JEDDAH: The Kingdom is revising plans for the King Abdullah Financial District in Riyadh, after the project was plagued by delays and a lack of enthusiasm among potential tenants and investors.
The project to build the King Abdullah Financial District began in 2006; skyscrapers were to house banks and the financial regulator. Parts of the area will now be turned over to residential housing, hotels and commercial establishments.
The Saudi Vision 2030 document, released by Deputy Crown Prince Mohammed bin Salman on Monday, said authorities would “strive to salvage” the industrial cities, which were designed to diversify the economy beyond oil and create jobs.
It said the KAFD had been started “without consideration of its economic feasibility” and that the project had failed to convince the financial community to invest.
“Without any dramatic shift in direction, renting the 3 million sq. meters of built-up areas at reasonable prices, or even achieving decent occupancy rates, will be very challenging,” the vision document said.
The government will therefore aim to transform the district into a special business zone with competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh’s King Khaled International Airport, it said. “We will also seek to repurpose some of the built-up areas and change the real estate mix, increasing the allocation for residential accommodation, services and hospitality areas.”
— With input from Reuters
King Abdullah Financial District to be overhauled
King Abdullah Financial District to be overhauled
Reconstituted Saudi IP authority’s board of directors approved
- Shihana Alazzaz, who is an adviser at the Royal Court, will continue to serve as chair
RIYADH: The Saudi Authority for Intellectual Property’s newly-reconstituted Board of Directors was approved for a three-year term, the Saudi Press Agency reported Wednesday.
In the reconstituted board, Shihana Alazzaz, who is an adviser at the Royal Court, will continue to serve as chair. She previously served as the deputy secretary-general of the Council of Ministers and was the first Saudi woman to hold the position.
The approval includes extending the membership of Eng. Haitham Al-Ohali, Eng. Osama Al-Zamil, and Dima Al-Yahya.
Badr Al-Qadi and Dr. Mohammed Al-Otaibi join the board as new members.
Alazzaz expressed her thanks and gratitude to King Salman and Crown Prince Mohammed bin Salman for their generous and continuous support for the authority.
She also thanked the previous board members for their efforts and wished the new members success.
The authority’s CEO Dr. Abdulaziz Al-Suwailem, said that the new formation of the board reflects the continued generous support of the leadership for the authority, wishing the Board success.
Grand Mosque authority announces free storage for Umrah performers
- Storage facilities are located near the Makkah Library and Gate 64
MAKKAH: Authorities in the holy city of Makkah announced on Wednesday free luggage storage for Umrah performers.
The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque announced that free storage facilities are available to the east of the Grand Mosque, near the Makkah Library, and to the west, near Gate 64.
Umrah performers must present their permits through the Nusuk app to access the facilities, the Saudi Press Agency reported.
Umrah performers can store bags, not loose items, weighing up to 7 kilograms for a maximum of four hours. Valuables, prohibited items, food, and medicine are not permitted. A claim ticket must be presented for retrieval.
The authority plans to extend the service to encompass all areas around the Grand Mosque to better assist visitors, the SPA added.
King Salman, Crown Prince send condolences to Azerbaijan president
- The King and Crown Prince Mohammed bin Salman also extend sympathies to families of plane crash victims
RIYADH: King Salman and Crown Prince Mohammed bin Salman each sent messages of condolence and sympathy to Azerbaijan President Ilham Aliyev on Wednesday, after the tragic crash of a passenger plane.
The King and the crown prince also extended their heartfelt condolences to the families of those who lost their lives onboard the Azerbaijan Airlines plane, wishing a speedy recovery to the injured, the Saudi Press Agency reported.
On Wednesday morning, the passenger plane, traveling from Azerbaijan to Russia, crashed near Aktau, western Kazakhstan, with 62 passengers and five crew members on board.
Kazakh authorities announced that 28 people had survived.
KSrelief chief meets Palestinian ambassador to Saudi Arabia
- Dr. Abdullah Al-Rabeeah and Mazen Ghoneim discussed Saudi humanitarian efforts to support Palestinians in Gaza
RIYADH: The supervisor-general of the King Salman Humanitarian Aid and Relief Center, Dr. Abdullah Al-Rabeeah, met the Palestinian Ambassador to Saudi Arabia Mazen Ghoneim on Wednesday in Riyadh.
Al-Rabeeah and Ghoneim discussed Saudi humanitarian efforts to support Palestinians in the Gaza Strip, the Saudi Press Agency reported.
Ghoneim expressed his gratitude to KSrelief and praised its strong relationship with the Palestinian people, the SPA added.
KSrelief initiated various projects to support Palestinian hospitals and humanitarian efforts in the Gaza Strip during the ongoing Israeli war.
Earlier in December, KSrelief sent 20 fully equipped ambulances to boost the health sector in Gaza.
It also distributed aid and food parcels that benefited nearly 3,500 Palestinians, some of whom were displaced in the Gaza Strip.
Saudi-Qatari security, military committee meeting held in Riyadh
Saudi Arabia’s Interior Minister Prince Abdulaziz bin Saud bin Naif and Qatar’s Deputy Prime Minister and Minister of State for Defense Sheikh Saud bin Abdulrahman Al-Thani chaired the second meeting of the Saudi-Qatari Coordination Council’s Security and Military Committee in Riyadh on Wednesday.
During the meeting, they discussed ways to enhance cooperation in areas of common interest, to achieve the aspirations of the two nations’ leaders and people, the Saudi Press Agency reported.
Prince Saud praised the efforts made by both sides to achieve joint initiatives.
