Saudi Arabia - Sedco Holding, a leading Saudi investment company, has announced plans to open its new office building at King Abdullah Financial District (KAFD) on a 70,000-sq-m area.

Designed by leading US architecture group Skidmore, Owings & Merrill (SOM), the tower is located adjacent to the Wadi and Financial Plaza.

A unique building in KAFD, the tower’s façade takes its inspiration from the three-dimensional ‘muqarnas’ decorative device used in Islamic architecture, helping create distinctive office spaces with enhanced shade and protection from the sun, said the statement from Sedco.

The architecture and energy requirements of the building take into consideration the surrounding climate and environment with sun control and shading devices improving daylighting within the offices, minimising glare, and controlling the amount of sunlight and heat gain admitted, it stated.

Set in the heart of the capital, KAFD is home to 1.6 million sq m of state-of-the-art office space, world-class venues and iconic luxury residences, designed to transform the way urban communities live, work, learn and play.

The landmark development, KAFD is a key driver of Riyadh’s economic ambitions. It is owned and managed by the King Abdullah Financial District Development and Management Company.

With almost five decades of empowering Saudi-based businesses and communities, Sedco Holding supports the kingdom’s economic diversification by investing in operating companies that scale to become leaders in strategically important sectors.

The shariah-compliant investment group continues to actively seek investment opportunities that spur real economic growth and social development in full alignment with the Kingdom’s Vision 2030.

Lauding the Sedco move, CEO Gautam Sashittal said: "KAFD is an ideal location for businesses in the financial services and investment sectors. The Islamic finance industry has expanded rapidly over the past decade, growing at 10-12% annually, and Sedco’s decision to be a part of the wider KAFD family will bring them into closer contact with prospective partners."

"We look forward to supporting Sedco in its investment and wealth generation efforts in line with our mutual interest in growing the Kingdom’s economy and increasing its prosperity," he stated.

Sedco Holding CEO Rayyan Nagadi said: "We are excited to join the KAFD community. Over our long track record at Sedco Holding, we played a pioneering role in sustainable development and currently we are an active investor guided by the goals of the Saudi Vision 2030."

"Our move to KAFD situates us in a vibrant business nexus that amplifies our ability to access more investment and FDI streams. We look forward to growing our contribution to the nation, in a hub designed for outreach, networking and access to more opportunities," he added.

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