The King Abdullah Financial District (KAFD) has attracted 75 regional headquarters of local and international companies as its management company unveils ambitious expansion plans through 2028, company executives told Al-Eqtisadiah newspaper on Wednesday.

KAFD Management and Development Company (KAFD DMC), a subsidiary of the sovereign Public Investment Fund, plans to triple its residential capacity to 3,000 apartments from the current 1,000 and double parking facilities to 45,000 spaces from the existing 22,000, including 4,000 temporary spots.

The development represents a significant expansion of Saudi Arabia's flagship financial district, which covers 3.2mn square metres in the capital Riyadh. The financial hub is also nearing completion of three five-star hotels offering 630 rooms and has secured approximately 60 new food and beverage tenants. The district features 48 pedestrian skyways to enhance mobility and living quality within the complex.

The expansion comes as Saudi Arabia surpasses its Vision 2030 target of hosting 500 multinational regional headquarters, with Investment Minister Khalid Al-Falih announcing in October that 540 companies have now received licences to establish regional offices in Riyadh.

The kingdom announced in February 2021 that it would cease contracting with international companies that do not maintain regional headquarters in the country, part of a broader push to position KAFD as a hub for global companies and the digital economy.

The policy aims to transform Riyadh into a major international business centre that competes with established regional hubs like Dubai.

The initiative forms part of Crown Prince Mohammed bin Salman's Vision 2030 economic transformation plan, which seeks to diversify the economy away from oil dependence and attract foreign investment.

The development's progress reflects Saudi Arabia's broader economic reforms and its increasing ability to attract international businesses despite regional competition and global economic headwinds.