Riyadh, Saudi Arabia, 13 November 2023 – The King Abdullah Financial District Development & Management Company (KAFD DMC), a wholly-owned subsidiary of the Public Investment Fund (PIF), has announced the opening of new tenant parking facilities in KAFD.
Addressing the needs of the district’s wide-ranging workforce, KAFD DMC has introduced a parking and shuttle service for its office tenants. The facility includes more than 4,000 shaded spaces with four bus stops, four restrooms, 253 solar lighting posts, fundamental parking management system, and four entrance/exit guard houses equipped with access control. Employees will be provided dedicated access cards for convenient parking and access to air-conditioned bus stops, with a free bus service taking them into the Financial Plaza.
The new parking provision has been divided into two phases. Phase One entails work on the northern section, with a capacity of approximately 1750 spaces, and is on track for operation by the end of November 2023. Meanwhile, Phase Two focuses on the southern part of the plot.
Set in the heart of Riyadh, the world’s largest LEED Platinum ND mixed-use financial and living district, KAFD spans an area of 1.6 square kilometers and hosts a prestigious array of domestic and international tenants. The new parking facility is primarily designated for the convenience of commercial tenants in the Financial Plaza, including leading financial institutions such as PIF, Saudi National Bank (SNB), and Riyad Bank, ensuring efficient access for tenants and employees.
With KAFD set to expand as the region’s most sought-after business and lifestyle hub, the company’s mobility strategy aims to enhance internal transport and reduce parking pressure within residential neighborhoods, including the parking buildings in Area 1, as well as at the Conference Center basement parking facility, elevating the urban landscape in KAFD. This comes as an essential stride to bring the district’s forward-looking vision to provide an integrated, sustainable, and secure multi-modal transportation network to life in an effort to streamline district transportation.
Stephen Thomas, COO at KAFD DMC, commented: “Our operations and programs in KAFD are driven by our customer focus, and this recent expansion in our mobility solutions underscores our thinking – seeking to not only address customer needs, but more importantly, to improve their lives. This new parking facility and shuttle service meets the needs of our growing tenant base and workforce while ensuring a cleaner environment in the district with fewer vehicles and lower carbon emissions.”
The district is served by Riyadh’s first Metro Station, designed by Zaha Hadid Architects, which is poised to become a major interchange for a seamless airport transfer to and from KAFD, along with a six-station monorail.
KAFD represents a brand new era of smart urban development, aimed to enhance the smart city experience and the quality of urban life for business, residential, and retail tenants while prioritizing sustainability that drives operational efficiency and future-ready living and working experience – a core value that underscores KAFD’s commitment to Saudi Arabia’s Vision 2023.