Saudi Arabia approves the Capital Market Law, which creates the Capital Market Authority (CMA) and leads to a new stock exchange; the financial district is later planned to house them.
Summer: Eddie Pugh of Buro Happold is retained as adviser to the CMA chairman to accelerate a financial district for Riyadh.
The district is conceived by the CMA and the Public Pension Agency (PPA); Buro Happold assembles the consultant team (date as reported by Gulf Construction, not confirmed by a primary source).
Henning Larsen (then Henning Larsen Tegnestue, HLT) wins the international design competition for the district masterplan.
Royal approval on 7 May and public launch in Riyadh on 9 May 2006: 1.6 million m2 of undeveloped land north of the city centre, about 3 million m2 of office space, anchored by the CMA, SAMA and Tadawul headquarters; the PPA is the main sponsor.
Al Ra'idah (Rayadah) Investment Company is set up by royal decree as the PPA's real estate investment arm and becomes the KAFD developer.
The KAFD executive committee (Finance Minister Ibrahim Al-Assaf, PPA governor Mohammed Al-Khrashi, acting CMA chairman Abdulrahman Al-Tuwaijri, SAMA governor Hamad Al-Sayari, Riyadh mayor) approves the masterplan: 1.6 million m2 site, about 3.3 million m2 floor space, 40,000 parking spaces mainly on the perimeter, car-free centre with wadi, monorail and skywalks.
Henning Larsen Architects is named master consultant for KAFD (MEED project record).
Groundbreaking; the first 10 parcels are awarded in late 2008 under four design-and-build contracts (sources give 2008 or 2009 for groundbreaking).
A further 30 parcels are awarded to Saudi Binladin Group through Rayadah Investment Company under a reported USD 3.7 billion contract.
On 14 April 2010 Rayadah awards the turnkey monorail contract to Saudi Oger, which subcontracts Bombardier (USD 241 million, INNOVIA Monorail 300, 3.6 km elevated loop, six stations, six two-car trains).
Three local banks agree a loan to Saudi Binladin Group to finance KAFD construction.
Construction starts on the CMA Tower (now PIF Tower), the KAFD World Trade Center and the GCC Bank tower (now Riyad Bank Tower); El Seif Engineering wins the Samba headquarters tower contract (about SR 900 million).
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A Samsung C&T and Contracting & Construction Enterprises joint venture signs the Tadawul Tower contract (about SR 1.4 billion; architect Nikken Sekkei; project manager Mace).
Zaha Hadid Architects wins the competition for the KAFD Metro Station (Riyadh Metro Lines 1, 4 and 6).
Saudi Tabreed starts chilled-water supply to KAFD on 17 September (under 10,000 RT initially; 100,000 RT planned).
The CMA Tower (now PIF Tower) reaches full height (Wikipedia gives topping out in 2014).
The first Bombardier INNOVIA 300 monorail car for KAFD is unveiled at InnoTrans, Berlin.
Vision 2030 names KAFD for rehabilitation as a special zone with competitive regulations, visa exemptions and a direct airport link.
Saudi Binladin Group stops work at KAFD citing delayed payments; workers protest unpaid wages. Gulf States Newsletter reports that the government has abandoned the financial-hub concept.
Reuters reports that ownership is to move from the PPA to the Public Investment Fund (PIF); JPMorgan advises PIF and a valuation study is under way.
PIF finalises a deal to take over management of the unfinished 73-building district from the PPA and to appoint Hilmi Ghosheh to lead it; reported value SAR 30 billion.
King Abdullah Financial District Development and Management Company (KAFD DMC) is established as a wholly owned PIF subsidiary.
Parcel A.01 (conference centre) is officially launched and work resumes; bids invited to complete remaining works.
MEED reports cranes back on site, construction about 70 percent complete and a target to finish by October 2020 ahead of the Riyadh G20 summit.
The KAFD Grand Mosque (Omrania) wins the International Architecture Award for religious architecture.
KAFD receives LEED ND Stage 2 Platinum certification from the US Green Building Council (reported January to March 2021).
Riyad Bank signs an agreement to acquire the 264 m, 53-storey tower in KAFD as its headquarters.
The PIF Tower (385 m, former CMA Tower) is completed (CTBUH completion year).
Saudi Research and Media Group (SRMG) announces its new headquarters in KAFD (10 floors, about 1,200 staff).
The KAFD World Trade Center (304 m) and Tadawul Tower (200 m) are completed (CTBUH completion years).
KAFD DMC CEO Gautam Sashittal states that 95 buildings on 1.6 million m2 are complete, with 12,500 residents and three hotels due by 2024; Parsons wins a five-year project and construction management contract for KAFD expansion.
Contracts announced at the PIF Private Sector Forum: Marco (buildings 3.01, 3.02, 3.06, roof of 3.11, two skybridges), hotel fit-outs, 4G/5G network, Area 6 groundwork. On 20 March Saudi Tabreed signs a 10-year O&M contract for the two district cooling plants (100,000 TR).
IHG signs management agreements for Regent Riyadh KAFD (250 keys) and InterContinental Riyadh KAFD (400 keys), planned for January 2027 (5 March).
Gautam Sashittal steps down as CEO; Bloomberg reports KAFD seeking up to USD 700-750 million and considering an IPO or REIT. On 30 October KAFD DMC signs the monorail contract with CRRC (Hong Kong), CRRC Nanjing Puzhen and Hassan Allam Construction Saudi (about SR 1.2 billion).
KAFD reports 75 companies with regional headquarters in the district and plans to raise housing from 1,000 to 3,000 units and parking from 22,000 to 45,000 spaces by 2028.
Riyadh Metro opens on 1 December 2024 with Lines 1, 4 and 6; the Zaha Hadid-designed KAFD Metro Station opens as their interchange (LEED Gold, October 2024).
On 18 February USGBC awards three LEED Platinum certifications: KAFD fire station (BD+C), KAFD headquarters interiors (ID+C) and PIF Tower (O+M).
Guinness World Records certifies the KAFD skyway as the world's largest continuous pedestrian skyway network: 15.46 km, 42 climate-controlled skywalks linking 95 buildings (certificate presented 6 July). AGBI reports a planned expansion that could double the district area.
Egis is appointed to supervise monorail construction; KAFD reports more than 580,000 m2 of office space leased and over 20,000 employees; monorail trial operation targeted for early 2027 and public service before end-2027.
Saad Abdulaziz Alkroud (head of PIF Local Real Estate Investment) is appointed chairman of KAFD DMC on 4 September; Kimpton KAFD Riyadh (212 rooms) opens on 8 September; RCRC launches the Qiddiya high-speed railway procurement with a KAFD station (21-22 September).
KAFD DMC signs a hotel management agreement with Hilton for a 450-key Hilton Riyadh King Abdullah Financial District next to the conference centre (signed at FII9, 29 October).
KAFD receives ModeScore Communities Platinum certification (announced at Cityscape Global); The Helicopter Company starts helicopter flights from the KAFD helipad.
EY MENA completes its move to a regional headquarters in KAFD Twin Buildings 1.11 (30 September; about 1,900 staff on 14 floors).
Riyad Bank inaugurates its 264 m KAFD tower as head office on 26 October and moves all departments there.
Goldman Sachs officially opens its KAFD office and regional headquarters (11 December).
The Helicopter Company and KAFD DMC sign an MoU (4 February) to activate helipads and helicopter services in the district.
W Riyadh - KAFD opens (210 rooms, Goettsch Partners architecture), the first W hotel in Saudi Arabia.
KAFD DMC secures a SAR 12 billion, 15-year senior-secured Murabaha facility from 10 banks (structuring adviser Al Rajhi Capital).
Asharq Bloomberg starts broadcasting from new studios in the SRMG headquarters in KAFD.
Atheel KAFD (214 rooms, Foster + Partners, operated by Adeera Hospitality) opens, bringing operating hotel capacity to more than 630 rooms; KAFD and NCOSH sign an occupational health and safety MoU (KAFD: over 140 companies, over 20,000 professionals).