If you have ever driven along King Fahd Road in northern Riyadh and seen a forest of glittering glass towers with designs unlike anything else in the city, you have seen the King Abdullah Financial District — KAFD. And if you are like many people, you probably asked yourself: what exactly is this place? Is it a neighborhood? A cluster of towers? Can I go in? Can I live there? Can I rent an office? And why all the buzz around it?
The truth is that KAFD is not just a group of towers — it is a fully integrated financial city built at a cost of nearly 10 billion dollars, with a dramatic story of ambition, stumbles, and revival behind it, spanning almost 19 years from the first groundbreaking to the day it became the beating heart of money and business in the Kingdom, home to more than 75 global companies.
In this guide from Raghdan Real Estate, we will walk you through KAFD step by step and in exhaustive detail: how much it cost and how big it is, where it sits and why it matters, the story of its construction and phases, who designed and built it, how to reach it by metro or car, which companies operate inside it, whether you — as an ordinary person — can rent an apartment or office there and for how much, and where to grab a coffee and stroll if you visit. By the end of this article, you will have a complete picture of the place.
First: What Is KAFD? And How Much Did It Cost?
The Simple Definition
The King Abdullah Financial District is the first and largest integrated financial district in the Kingdom — an entire zone dedicated to finance, business, living, and lifestyle, in the spirit of Wall Street in New York, Canary Wharf in London, or the Dubai International Financial Centre. The idea: instead of banks and financial firms scattering across the city, they gather in one place purpose-built for them, with its own buildings, systems, and infrastructure.
The Big Numbers
Take a deep breath with these figures: the total project cost approaches 10 billion dollars (more than 37 billion riyals), with construction costs alone estimated at around 29 billion riyals. The total area is 1.6 million square meters — a full 1.6 square kilometers — with a gross floor area of 3.2 million square meters. And the number of buildings? 95 towers and structures, designed by more than 25 leading international architecture firms. In early 2025, a third phase was announced with an additional 2.6 billion dollars, including new office towers, a fintech innovation center, and expanded retail.
Who Owns It?
KAFD is wholly owned by the Public Investment Fund — Saudi Arabia's sovereign wealth fund — which acquired it in 2016. It is developed and managed by the KAFD Development and Management Company, established in 2018 as a PIF subsidiary.
Second: The Location — Where Exactly? And Why Does It Matter?
KAFD sits in northern Riyadh directly on King Fahd Road, at its intersection with the Northern Ring Road, close to Thumama Road. In other words, it sits on the capital's most important traffic artery, surrounded by Al-Aqeeq, Al-Sahafa, and Al-Nakheel districts — the beating heart of new Riyadh.
And the location's importance is not merely about traffic. KAFD is the flagship real estate pillar of Vision 2030's drive to attract global companies: it is the primary home of the Regional Headquarters Program, which requires international companies seeking government contracts to base their regional headquarters in the Kingdom. The result? Dozens of global firms have moved their regional headquarters specifically to KAFD, making the district the new address of money and business in the Middle East. It is also the largest real estate project in the world to earn LEED Platinum certification for sustainable neighborhoods — the highest environmental accreditation from the U.S. Green Building Council — with more than 40 LEED-certified buildings inside it. We explained what these certifications mean in our article on green buildings.
Third: The Construction Story — 19 Years of Ambition, Stumbles, and Revival
The Dreamy Beginning (2006–2014)
Construction began in 2006, and the project was officially launched in 2007 during the reign of King Abdullah bin Abdulaziz, may he rest in peace, whose name it carries. The original developer was Al Ra'idah Investment Company, on behalf of the Public Pension Agency, while the Saudi Binladin Group — the Kingdom's largest contractor at the time — handled construction and construction financing. The ambition was enormous: build all 95 buildings at once. By 2014, investment had exceeded 31 billion riyals.
The Years of Stumbling (2014–2016)
But great ambition collided with great problems. Building in a single phase — 95 buildings simultaneously — inflated costs massively, ownership disputes emerged between the Public Pension Agency and other parties, and regulatory approvals stalled. The targeted 2017 opening never happened, and the towering, nearly empty skyscrapers became the talk of the town: a luxury ghost city on Riyadh's most important road. A story that echoes, in its stumbles, the saga of Jeddah Tower we detailed in a previous article — mega-projects halted by details, not dreams.
The Revival (2016–Today)
The turning point came in 2016 with Vision 2030: the Public Investment Fund acquired the entire project, established a dedicated management and development company in 2018, and restructured everything. Results followed: in 2022, the PIF Tower was completed at 385 meters — currently the tallest tower in Riyadh. In December 2024, the iconic KAFD Metro Station opened. Through 2024 and 2025, hotels opened one after another, restaurants launched, and companies moved in — transforming KAFD at last from a ghost city into the most vibrant spot in the capital, nearly 19 years after its launch.
Fourth: Design and Construction — Who Created These Masterpieces?
This is where KAFD truly stands apart from any other project in the region. The district's master plan was drawn by the famous Danish firm Henning Larsen, but the 95 towers were not designed by a single office — rather by more than 25 international architecture firms, which is why every tower has its own distinct personality, as if you were walking through a global exhibition of modern architecture:
The PIF Tower (385m): designed by America's HOK with Saudi firm Omrania — sharp-angled glass facades gleaming like a diamond. The Metro Station: a masterpiece by Zaha Hadid, the Iraqi-British architect and one of the most celebrated in modern history, with her signature flowing white curves. The Conference Center (130,000 sqm): designed by SOM — the same firm behind Burj Khalifa — with a column-free space spanning 28,000 square meters. The Grand Mosque: designed by Omrania, accommodating 1,466 worshippers with 60-meter minarets, winner of international architecture awards. Other participating names include Foster + Partners, Gensler, and Goettsch Partners.
The infrastructure is a story of its own: a central district cooling system with 100,000 refrigeration tons feeding all the towers, an automated underground waste collection system (Envac) — meaning no garbage trucks roam the streets — solar panels, and a water treatment plant. The American firm Parsons currently manages the engineering program under a five-year contract.
Fifth: How Do You Get to KAFD? Metro, Car, and Parking
By Metro — The Smartest Way
Since December 2024, reaching KAFD could not be easier: KAFD Station is one of the largest stations in the Riyadh Metro and the most important interchange in the entire network — three lines meet there (Blue, Yellow, and Violet) across 6 platforms and four levels. You can come directly from the airport by metro, or from any district served by the 176-kilometer, 85-station network, and step out into the heart of the financial district without touching a steering wheel.
By Car — And Parking?
If you drive, access is direct from King Fahd Road, the Northern Ring Road, or Thumama Road. And the parking question that worries every Riyadh visitor is settled here: more than 4,000 smart underground parking spaces with electronic guidance systems directing you to vacant spots. Entry to the district itself is free — walk in and stroll at your leisure; only certain events require booking an electronic ticket in advance.
Moving Around Inside
Within KAFD itself, there is an internal 3.6-kilometer monorail looping between buildings with a capacity of 3,500 passengers per hour, free shuttle buses, and a network of pedestrian paths and air-conditioned skybridges connecting the towers — you can move between buildings without ever stepping into the summer sun.
Sixth: Who Lives in KAFD? The Companies and Institutions
Here you understand why they call it "the heart of money." The list speaks for itself: the Capital Market Authority (the Saudi stock market regulator), Saudi Aramco, global banks like Goldman Sachs and BNP Paribas, major consultancies like Deloitte, Accenture, and EY, tech giants like Alibaba Cloud, and international firms like Pfizer, PepsiCo, Bupa, Alstom, and ExxonMobil — among many others.
By the numbers: more than 140 office tenants, around 75 regional headquarters of global companies operating from the district, and nearly 20,000 professionals working there daily, across more than 900,000 square meters of Grade-A office space. On top of that, the district has become a stage for global events: private capital forums, venture capital summits, and fashion and leadership conferences.
Seventh: Can I Rent in KAFD? And for How Much?
Yes — KAFD Is Not Just for Corporations
This is the thing most people do not know about KAFD: the district holds more than 2,900 residential apartments in developments like Bliss and VUE, equipped with smart home systems, gyms, and pools — all available for individuals to rent. There are also more than 6,100 hotel rooms in five-star properties that opened in succession: Kimpton (September 2025), W Riyadh, Hotel Indigo, and others — if you would like to try staying before deciding to live there.
How Do I Rent an Apartment? And Roughly for How Much?
The official route: through KAFD's official website (kafd.sa) — the residences section has a Leasing Inquiry form you fill out, after which the leasing team contacts you — or through accredited real estate platforms. The prices? KAFD is firmly in the luxury tier: residential rents generally start from around 100,000 riyals per year for smaller apartments and climb with size, tower, view, and floor. They are above Riyadh's average without question — you are paying for the address, the services, and the entire lifestyle. And if you want to understand the types of apartments available (studio, standard, penthouse) before deciding, revisit our detailed guide on apartment types.
And Offices for Companies?
Grade-A office rents in KAFD range between 2,200 and 4,000 riyals per square meter annually depending on size and tower (premium small suites cost the most per meter, large full floors the least), plus fixed service charges of around 440 riyals per square meter annually. Leases typically run long — 5 to 10 years with annual escalations of 3 to 5 percent — and leasing experts advise starting your search 6 to 12 months before your target move-in date. Easier options exist for startups: coworking spaces and serviced offices ready inside the towers.
Eighth: And If You Just Want to Hang Out? Cafes, Walks, and Life in KAFD
Here is the pleasant surprise for those outside the world of finance: KAFD has become a real outing destination for Riyadh residents. The district was designed for walking from the ground up — open plazas between the towers, shaded walkways, fountains and green spaces, and skybridges linking the buildings. Al Wadi Square hosts seasonal events and cultural activities throughout the year.
And the coffee and food? The list is long and grows every month: the famous Urth Caffe, Black Tap for burgers and milkshakes, the upscale Italian Il Baretto, specialty coffee at 12 Cups, Salt Camp, and Café Tale, plus Starbucks and Dunkin for a quick grab — from morning breakfast to late dinner, all within walking distance between the towers. Phase three brings an additional 130,000 square meters of retail, meaning more restaurants and shops on the way. An evening visit to KAFD — strolling between the illuminated towers and sipping coffee in an open plaza — has become one of Riyadh's most enjoyable outings, and it is free.
Ninth: KAFD Through a Real Estate Lens — What Does All This Mean for the Market?
As real estate observers, we see three important messages in KAFD. First: the district has lifted property values in the surrounding neighborhoods (Al-Aqeeq, Al-Sahafa, Al-Nakheel, Hittin) — proximity to an employment hub with 20,000 well-paid professionals means strong, sustained rental demand, a living example of the forces we explained in our article on the factors that determine real estate prices. Second: the opening of the major metro interchange doubled the area's appeal — flagship metro stations raise surrounding property values in every city in the world. Third: KAFD's success after its long stumble is a lesson that mega-projects need patient management and vision — and whoever buys early around a major government project harvests the difference later. You can track actual sale and rent prices in the neighborhoods around KAFD through Raghdan Real Estate Indicators.
Frequently Asked Questions
Is entry to KAFD free and open to everyone?
Yes, the district is open to everyone free of charge — you can visit, stroll between the towers, and sit in its restaurants and cafes like any public destination. Only certain events and conferences require booking an electronic ticket in advance.
How much did KAFD cost and how big is it?
The total cost approaches 10 billion dollars (more than 37 billion riyals), across 1.6 million square meters holding 95 buildings and towers with a gross floor area of 3.2 million square meters. A third phase worth an additional 2.6 billion dollars has been announced.
Can I rent an apartment in KAFD as an ordinary individual?
Yes. The district holds more than 2,900 residential apartments available for rent through KAFD's official website (the leasing inquiry form) or real estate platforms. Rents are in the luxury tier, starting from roughly 100,000 riyals annually and climbing with size, tower, and view.
How much do offices in KAFD cost?
Grade-A offices range between 2,200 and 4,000 riyals per square meter annually depending on size and tower, plus service charges of around 440 riyals per meter, with leases typically running 5 to 10 years. Coworking spaces and serviced offices are available for smaller companies.
How do I reach KAFD by metro?
KAFD Station is one of the largest in the Riyadh Metro — three lines intersect there (Blue, Yellow, and Violet) across 6 platforms, and it opened in December 2024 with Zaha Hadid's iconic design. Inside the district, a 3.6-km monorail and free shuttles move you around, and more than 4,000 smart underground parking spaces await those who drive.
Who designed and built KAFD?
The master plan is by Denmark's Henning Larsen, with more than 25 international firms designing the towers — most notably Zaha Hadid (the metro station), SOM (the conference center), and HOK with Omrania (the PIF Tower). The Saudi Binladin Group carried out the principal construction, and America's Parsons currently manages the engineering program.
Why was KAFD's opening delayed for so many years?
Construction began in 2006 with an opening targeted for 2017, but building in a single phase (95 buildings at once) inflated costs, and ownership and regulatory matters grew complicated. After the Public Investment Fund's acquisition in 2016 and a full restructuring, the project truly took off, achieving full operation through 2024 and 2025.
Conclusion
The King Abdullah Financial District is a story worth telling: a 10-billion-dollar project that began in 2006 with the ambition of building the Wall Street of the Middle East, stumbled for nearly a decade until some called it a ghost city, then rose with Vision 2030 to become today the beating financial heart of the Kingdom: 95 towers signed by the world's most celebrated architects, Riyadh's tallest tower, a metro station among Zaha Hadid's masterpieces, 75 regional headquarters of global companies, 20,000 professionals, luxury residential quarters, and cafes and plazas that have become a favorite outing for Riyadh's residents.
And most importantly for you: KAFD is not exclusive to big corporations — you can visit it today for free and stroll among its towers, you can rent an apartment there if your budget allows, and as an investor you can ride the wave of appreciation it created in the surrounding neighborhoods. To track actual sale and rent prices around KAFD and across all of Riyadh's districts, open Raghdan Real Estate Indicators and see the numbers for yourself.
Did you find this guide useful? Share it with anyone who asks "what is KAFD?" — or with a friend planning to visit or invest in Riyadh. You might open a door they never knew existed.
