Riyadh - Mubasher: The government of Saudi Arabia will transfer the ownership of the King Abdullah Financial District (KAFD) to the Ministry of Finance (MoF) and the Public Investment Fund (PIF), as reported by Reuters.
The $10 billion financial district in Riyadh is set to house banks and the financial regulator’s headquarters.
The transfer of ownership is not a transaction, as the finance ministry will take the legal ownership, while the PIF will have the operating rights, sources told Reuters on Thursday.
The Saudi government is reportedly planning to dedicate SAR 2.3 billion ($613.3 million) to complete the project.
