KAFD may cause office space glut

Updated 16 October 2015
0

KAFD may cause office space glut

RIYADH: The King Abdullah Financial District (KAFD) is too big for the local market, and will cause a glut in office space and accommodations once it becomes operational and tenants start moving in.
“In fact, some of the buildings at the northern portion of the $11.6 billion financial district have been canceled,” said a source working for one of the companies involved in the project.
He said that this is expected because many of the 112 multi-storey buildings that have been constructed were not part of the original plan.
A foreign magazine earlier critisized the project, saying that KAFD is a “sober alternative to Dubai’s exuberant international financial center.”
But oversupply in office space and accommodation is not the only problem facing the sprawling project which is located in a 1.6 million sq. meter area in the northern part of the Saudi capital.
“The rent is also exorbitant. This is probably because of the huge capital that has been invested to develop and construct the project,” said the general manager of a construction and landscaping firm.
He added that the rent per sq. meter is estimated at SR3,000 to SR4,000, “which is quite high for many local firms which are interested to have their offices at KAFD.”
Because of the high rent, the rent outside the financial district has also doubled.
But despite the exorbitant cost, there are companies which intend to establish their head offices inside the financial district. For this purpose, the head of an investment bank in the UAE visited the Saudi capital sometime back.
“If you’re not inside the financial district, you’ll be left behind by the competitors who are already established in the market. They will likely move in at the opportune time,” he added.


Jeddah Season provides seasonal employment for young Saudis

Updated 18 June 2019
0

Jeddah Season provides seasonal employment for young Saudis

JEDDAH: The Jeddah Season festival has provided a wide range of seasonal employment opportunities for young Saudi men and women, helping them gain experience and prepare them to enter the job market.

More than 5,000 young Saudis are working around the clock, each in his or her field, to manage the festival’s activities.

The festival aims to highlight development opportunities in Saudi Arabia, introduce the Kingdom as one of the most popular tourist destinations in the world, support the government’s efforts to empower Saudi youths, support local small and medium enterprises, develop Jeddah’s tourism sector and provide volunteer opportunities.

Jeddah Season, which began on June 8 and runs until July 18, has attracted thousands of visitors of all ages through its 150 local and international events and activities.

It is being held at five sites: King Abdullah Sports City, Al-Hamra Corniche, the Jeddah Waterfront, Obhur and Historic Jeddah (Al-Balad), which is a UNESCO World Heritage Site.

Jeddah Season offers a wide range of tourism, entertainment and cultural events and activities, and sheds light on the city’s status as the Kingdom’s tourism capital. Most of its events are being held for the first time in Saudi Arabia.

Jeddah Season is in line with the Vision 2030 reform plan, which aims to advance the welfare of Saudi society, diversify local development opportunities, improve the Kingdom’s contribution to arts and culture, and create job opportunities for Saudi youths.