The financial and banking sector witnesses a significant development in the Kingdom, especially after its participation in the World Trade Organization, which will make it possible for international banking companies to invest in the Kingdom.
Riyadh is an important financial center for investment in the activities of financial and banking sector. It was announced on 18th of Rabea` Al-thani 1427H that King Abdullah Financial Center would be established in Riyadh. It is similar to London Canary Wharf Financial Center. It aims at providing a Saudi work environment that is similar to international levels through combining establishments that provide financial services together.
The center was designed to satisfy the existing and increasing need of class-A offices having international technology and unique design of building specifications in the 21st century. The center will be set up in Northern Riyadh. Its area will be 1.6 million square meters. It will include a high-level financial academy that will train and develop the skills of Saudi youth who want to specialize in financial fields needed in financial sector. It will be the main location of Financial Market Committee, financial market companies, financial service companies such as insurance companies, banks, and financial services, accounting, legal auditing and lawyer offices, evaluation establishments, consultancy and financial establishments, information technology companies in addition to service utilities such as (educational, amusement, commercial…..etc.). Riyadh, after opening this center within three years, will become the financial capital of the Middle East. It will also be a unique center regarding its size, Committee, and technological specifications.
It is expected that building tasks will start in 1428H. A company belonging to the Establishment of Retirement will be set up to manage the center. The center will attract various investments and provide job opportunities for Saudi youth. This project is expected to add a lot to the constructional renaissance in Riyadh, especially in the sector of economical development. Riyadh comprehensive strategic plan considered making Riyadh an outstanding financial and commercial center. Such a center, including all referred to utilities, will be a pioneering and strategic investment opportunity for private sector.