But authorities have yet to confirm these regulations, making it harder to attract people. Some potential tenants and investors are less optimistic than the district's planners about its future success.
"The potential is amazing. The inside is impressive," one Dubai-based expat, who toured the site and preferred to remain anonymous, told Reuters. But he added, "It will not be finished. Decision-making is very slow (on the project, and) people don't have cash."
The Saudi government also said in 2016 that it will offer visa exemptions for foreigners working in the KAFD. Some of the kingdom's strict social codes, including one requiring women to wear dark robes, will be relaxed.
Source: Reuters
The Saudi Public Pension Agency owns the district. According to Bloomberg, the government hopes to attract banks with economic incentives, including tax breaks that could extend a decade or more.
However, construction delays and funding issues have stunted the project. The government aims to open the first 15 office, residential, and commercial towers by the end of this year.
Source: Reuters
The district's "Crystal Towers," which opened this summer, house offices and retail. A skywalk connects the two buildings.
The KAFD is envisioned as a business hub that will lure financial and law firms, banks, and the kingdom's stock exchange and capital-market authority (which is currently headquartered in Riyadh).
The entire project is expected to cost over $10 billion. Around $8 billion has already been spent.
Source: Reuters
Construction, which began in 2006, is over 70% complete. The government doesn't have a set timeline for its completion.
Source: Bloomberg
To cope with the desert heat, the master plan calls for a network of elevated passenger bridges cooled by solar power. Dubbed skywalks, they will connect 30 buildings in the district.
Designed by architecture firm Henning Larsen, the 17.2 million-square-foot master plan calls for over 60 residential, office, and retail towers, several schools and parking garages, a medical clinic, civic buildings, and three hotels.
Saudi Arabia is building the King Abdullah Financial District (KAFD) north of Riyadh.
Source: Henning Larsen