Riyadh – Sharikat Mubasher: King Abdullah Financial District Development and Management Company (KAFD DMC) announced signing of a construction agreement to execute 3.6-kilometre monorail project in capital Riyadh.

The agreement was signed by KAFD DMC with a consortium led by CRRC Nanjing Puzhen and Hassan Allam Construction Saudi including CRRC (Hong Kong), according to a press release by KAFD.

The signing ceremony took place on the sidelines of the eighth Future Investment Initiative (FII) in Riyadh.

The cost of the project wasn't revealed but KAFD DMC stated that the project, aligned with its vision of '10-Minute City,' will feature six fully autonomous trains on a circular track with six strategically located stations, facilitating efficient movement between the Financial District's interconnected and walkable office, retail, and leisure spaces while integrating with the soon-to-be-launched Riyadh Metro.

KAFD spans 1.6 million square metres and houses 95 buildings across five asset classes, featuring Grade A office spaces, residences, commercial and retail areas, luxury hospitality, and entertainment venues.

Stephen Thomas, Chief Operations Officer of KAFD DMC, said: "Globally, urban mobility is undergoing a transformation, with the global public transportation market size projected to grow from $6.11 billion in 2024 to $28.89 billion by 2034, at a CAGR of 16.81 percent over the decade. With this project, we are not only enhancing the quality of life for KAFD's residents and visitors but also contributing to the long-term sustainability of Riyadh. The monorail is a symbol of progress, seamlessly connecting the district while supporting Saudi Arabia’s Vision 2030."

Amr Allam, Co-CEO of Hassan Allam Holding, added: "We are proud to partner with KAFD DMC and CRRC, and are honored to play a pivotal role in the KAFD monorail project, a landmark development in Riyadh that signifies a significant milestone in our mission to enhance transportation networks and drive sustainable economic growth."

The statement didn't disclose the project timelines but said the monorail is expected to handle up to 3,500 passengers per hour during peak times when fully operational.