Riyadh, Saudi Arabia: April 26, 2021: Riyad Bank announced the signing of a purchase agreement with King Abdullah Financial District (KAFD) on Monday, April 26, 2021, under which it acquires a 53-floor office tower with an estimated height of about 264 meters to become its headquarters. The agreement signed by His Excellency, the Chairman of the King Abdullah Financial District, Mr. Fahad Bin Abdulmohsen Al-Rasheed, and the Chairman of Riyad Bank, Eng. Abdullah Bin Mohammed Al-Issa, in the presence of several high-ranking Executives and Excellencies from both parties.
His Excellency Mr. Fahad Bin Abdulmohsen Al-Rasheed, Chairman of the Board of Directors of the King Abdullah Financial District, considered "KAFD" one of the leading projects supervised by the Public Investment Fund. He stated that Relocating Riyad Bank Headquarters to KAFD represents a great magnitude to the district as an attractive investment area and the primary destination of finance, business, and headquarters for many of the leading companies and institutions locally and internationally. This strategic location in the heart of Riyadh, the capital of the largest economies in the region, and with devoted special attention from His Royal Highness Crown Prince Mohammed Bin Salman "May God protect him" "Riyadh will become one of the top ten Economic cities in the world by 2030".
Eng. Abdullah bin Mohammed Al-Issa, Chairman of Riyad Bank, expressed Riyad Bank's pride in reaching the purchase agreement, describing it as a focal point in its long-standing career. Stressing on the added value to the Saudi banking and financial industries, and the national economy in general. Eng. Al-Issa said that establishing Riyad Bank headquarters in the main destination of finance and business in the region is a witness to the rapid civilization development recorded by the Kingdom, translating Saudi Vision 2030, a vision that priorities its plan to the financial sector development. Al-Issa added that the purchase of the new office tower in the financial district to become Riyad Bank headquarters is an important step to interpret the strategy of Riyad Bank 2025 through amplification of the bank's leading position while upgrading the standards of the business environment and its surroundings. He pointed out that Riyad Bank seeks to strengthen its business environment by providing an attractive, safe, and exceptional environment because it realizes that productivity, creativity, and innovation are linked to the quality of the work environment significant for success.
Eng. Assem bin Mohammed al-Suhaibani, Chief Executive Officer of King Abdullah Financial District, also said: "KAFD is the largest versatile financial center in the region, an integrated destination that combines housing, work, and entertainment, making it a competitor to the world's leading destinations. With more than 61 towers, KAFD towers paint a distinctive urban skyline for Riyadh City. KAFD is the largest real estate development project in the world to receive platinum certification from (LEED) the highest accreditation granted by the U.S. Green Building Council. Riyad Bank's accession to KAFD is a qualitative addition to the diverse business environment of the leading companies, economic institutions, and decision-makers who have taken KAFD as their headquarters. For its part, KAFD will seek to facilitate the transition of Riyad Bank headquarters and provide all services and facilities to ensure a unique and different business experience."
CEO of Riyad Bank, Mr. Tareq bin Abdulrahman AlSadhan, confirming the promising development and progress surrounding Riyad Bank keeping pace with the economic renaissance witnessed in the Kingdom today. A progress pushing towards the importance of creating the future according to a broad-minded vision, identifying options and priorities, serving the bank's aspirations and desired ambitions.
Mr. AlSadhan considers Riyad Bank's accession to the Capital and Business Oasis at the King Abdullah Financial District is in line with the strategic vision of Riyad Bank’s 2025. Aspiring to be the best bank by promoting global practices concerning the business environment and its surroundings to be an environment conducive to innovation, creativity, and to achieve the bank's human potential, which is the backbone of excellence and the main competitive engine.
It is important to note that King Abdullah Financial District (KAFD) is one of the most ambitious projects fully owned by the Public Investment Fund, representing an essential addition to the Kingdom's economic sector and a distinctive model of urban development in Riyadh. It is also a vital milestone in the future of the capital, and the first project of its kind in the Middle East regarding space, organization, and technical specifications, which qualifies it to match similar destinations of money and global businesses, as it becomes home to many local and international pioneering companies and institutions.