Saudi financial regulator the Capital Market Authority has selected the local Saudi Binladin Group for the contract to build the kingdom’s tallest tower at King Abdullah Financial District on the outskirts of the capital.

According to sources close to the project, the value of the contract has not been finalized. Once the contract is awarded, the contractor will build 400 meters tall tower with 3 basement floors and 79 stories above ground. The building will have a total built up area of 185,000 square meters.

When complete in 2012, the tower will super cede the 309 meters tall Kingdom Tower in Riyadh and will be the country’s tallest building. The regulator wants to move into the tower in early 2012.

The Saudi Stock Exchange and other Saudi financial institutions, such as Samba, Alina Bank, Al-Rajhi Bank and the Public Investment Fund are all seeking high rise office space in the financial district.

In November, Saudi bank Samba invited companies to qualify for the contract to build its new headquarters. The main construction contract involves building the structure and a basic fit out of 39 floor office building with 3 levels of basement parking.

The total built up area is about 110,000 square meters. A contract to complete the fit out will be awarded later, once work has started on the main contract. The client expects construction to start during the Q2 of 2010.

(Sourced from MEED)