About Project

As a global impactful investor, the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally.

LOCATION : Riyadh, KSA

VALUE : USD 55 Million

SIZE : 45 O + 35 R + 3 P + 4 B

CLIENT : Union Properties [Thermo]

Overview

In 2008, PIF decided to develop the King Abdullah Financial District (KAFD). KAFD is a mixed-use financial district located near King Fahad Road in the Al Aqeeq area of Riyadh, Saudi Arabia. Managed by the King Abdullah Financial District Development and Management Company (KAFD DMC), a wholly-owned subsidiary of the Kingdom’s Public Investment Fund, the district was previously managed by the Rayadah Investment Corporation on behalf of the Pension Authority of the Kingdom of Saudi Arabia. The district is the largest LEED-certified financial center in the world. 

On 27 October 2008, PFI awarded the main contract to the main contractor who in return awarded a subcontract to Thermo on 31 March 2010. O&A, the Architects of the project subcontracted Dar Al Riyadh for structure design development and Ian Baynham for the electromechanical design development.

The project witnessed inefficiency in design development, which lead to design change orders. However, the project was completed on 21 July 2011. In 2019, Union Properties / Thermo engaged Kingston to look into the bulk of variations, recovery of materials, and scrap that was taken over by the main contractor.

In 2021, Kingston could win 25% of the total claim, and move on to enforcement that said order inside the KSA.