In Riyadh, Public Pension Agency (PPA) Chairman and CEO Mohammed A. Al-Kharashi, told his guests from the London Financial Center on Monday that the multi-billion riyal King Abdullah Financial District (KAFD) project would be completed in another 10 months.
Al-Kharashi, during a reception hosted for the Lord Mayor and his delegation, offered financial cooperation in the future to the visiting delegation and hoped that the current meeting would set the stage for more interactions at a later stage. The delegation also included Sheriff of London Alderman Alan Yarrow and British Ambassador Sir Tom Philips.
Al-Kharashi accompanied the visitors on an inspection tour of the KAFD's construction sites and briefed them on the progress achieved so far. The Raidah Investment Company is implementing the project.
He said 80 percent of the SR28 billion project was completed within 36 months, while the remaining work would be over in three months. "We have certain time limit and plan but the contractors sometimes face obstacles from the workforce," he added. The PPA sponsors investment projects that are beneficial to the pensioners as shareholders and beef up the agency's revenues that eventually benefit the pensioners.
Al-Kharashi told reporters that the visit of the British delegation to the site shows the importance attached to the project. British engineers, designers and consultants have contributed a lot in implementing the project.
"KAFD is a source of pride for the country and this again ensures that the money of the retired Saudis is being invested wisely. It is where companies meet to do
business, where students come to learn and where the best technology will serve
the brightest minds," he said, adding that it will house the large community of professionals working within the financial sector and related industries, hosting the headquarters of the Capital Market Authority, the stock exchange, banks, financial institutions and other service providers, such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.
Lord Mayor told Arab News that he was much impressed by what he had seen. "Coming from the world's leading financial center where we are used to seeing a high profile financial center, what particularly good here is to see this mix of buildings in different styles, a lot of architectures," he said.
British Ambassador, Sir Tom Philips said: "It is my pleasure to come here at the King Abdullah Financial Center. I think it is really impressive for somebody coming from City of London and see what has been achieved here. I hope this will lead to many more relations between our two countries in the financial sector," he added. The ambassador expressed his happiness to see British engineers contributing to the future of Saudi Arabia. The KAFD provides the next generation of development and will ensure the sustained dominance of Saudi Arabia as the largest economy and financial center within the region.
In Jeddah, before joining a welcome reception hosted by British Consul General Mohammed Shokat on Saturday night, the Lord Mayor's delegation visited the Jeddah Chamber of Commerce and Industry, Mayor of Jeddah Hani Abu Ras and the General Authority of Civil Aviation.
Head of the City of London Corporation and first London citizen for the duration of one year, the Lord Mayor's main role is to represent, support and promote the UK-based financial and professional services industry including both the City of London and other major regional financial centers such as Edinburgh, Glasgow, Leeds, Manchester and Bristol.
