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Stock exchange tower project stalled for another month

Saudi Arabia - April 25, 2016

Saudi Arabia stalled a 380 billion financial centre project that lies in King Abdullah Financial District for another month due to the oil prices slump.

The project, which was under construction by the Korean developer Samsung C&T Cooperation, has been stalled for six months.

It’s worth mentioning that 70 percent of the project, which is a new stock exchange centre, has been completed.

The project is a part of KSA’s vision to have its own Wall Street in KAFD to stand as a financial hub for the whole kingdom, however, the project has been paused for a while due to the financial hardships witnessed in the Kingdom.

The project includes the stock exchange centre in addition to a number of residential buildings, offices, exhibitions, and hotels.

Samsung C&T has won the project’s contract in 2012 with the deadline set at September 2015. The company has been working on the project in cooperation with Bin Laden Group.

The whole financial district project is funded by the Saudi public Pension Agency (PPA). Since the PPA delayed making payments for the project all construction companies have stopped working.

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