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Jotun Saudia secures KAFD project enroute aggressive growth strategy

Published on 2010-05-18. Author : SpecialChem

A huge development is underway in Riyadh, the capital city of Saudi Arbia. King Abdullah Financial District (KAFD) is designed to become the largest financial center in the Middle East, ensuring the sustained dominance of Saudi Arabia as the largest economy and financial centre within the region.

The Public Pension Agency is building the King Abdullah Financial District (KAFD), covering a mammoth built-up real estate development area of 1.6 million square meter.

KAFD will house a large community of professionals working within the financial sector and related industries, hosting the headquarters of the Capital Market Authority (CMA), the Stock Exchange (Tadawul), the Commodity Market, banks, financial institutions and other service providers.The district will be located south of Riyadh, and is set to turn the country into a major center for financial services on a global level.

The development area will also be home to hotels, shops, recreational facilities, waterways, squares, parks, sports arenas, restaurants, a financial academy for 5,000 students, and 6 mosques including a Grand Mosque. The transportation within the development will be via a monorail system and skywalks bridges (bridges connecting two buildings).

KAFD, Artistic impression Jotun Paints' strong presence in the Middle East secured supplies for the construction of 30 buildings, the World Trade Center, and the GCC Central Bank Tower with the Fenomastic range for interior, and Jotashield range for the exteriors. Jotun Paints also secured approvals to paint floors with its broad range of solvent-free Jotafloor coatings. The ongoing construction is estimated to paint an area of 3 million square meters, which is scheduled for completion at the end of 2013. Beside the Princess Nora University (PNBU) for Women, the KAFD in Riyadh remains one of the biggest achievements for the Decorative Project sales team in Riyadh till date.

Hill International is the project manager, while Omrania & Associates and Gensler & Associates are the project consultants. Saudi Binladin was awarded the USD 3.7 billion design and build contract (DB) for the construction of 30 buildings, the World Trade Center and the GCC Central Bank Tower. Saudi Oger and El Seif are the two other contractors who are a part of this development.

Source: Jotun

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