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Saudi $10 Billion Financial District Is Missing One Thing: Banks

The King Abdullah Financial District is said to be plagued with delays, cost overruns and a failure to understand the needs of local banks.
King Abdullah Financial District
Photographer: Waseem Obaidi/Bloomberg

Saudi Arabia’s $10 billion financial hub in Riyadh will have gleaming towers connected by sky bridges, cutting-edge climate technology and a monorail that can circle the whole area in 11 minutes. What it doesn’t have yet are banks.

Not a single financial institution has agreed to take space in the 73 buildings the state is constructing at the King Abdullah Financial District, according to Waleed Aleisa, chief executive officer and project manager of the district at developer Al Ra’idah. The one lender on the 1.6 million square-meter (17.2 million square-foot) site north of the city center is Samba Financial Group, which bought a plot of land and is building its own tower.