THE EXECUTIVE CENTRE’S SUBSTANTIAL INVESTMENT OF USD 30 MILLION IN RIYADH WAS MARKED BY THE SIGNING OF TEC’S NEW CENTRE AT KING ABDULLAH FINANCIAL DISTRICT (KAFD)
The Executive Centre, Asia’s leading premium flexible workspace provider, is proud to announce its entry into Saudi Arabia with the opening of its first and largest centre to date in Riyadh, located at the King Abdullah Financial District (KAFD). This strategic move marks a significant milestone for the company as the opening of this new centre aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and create a thriving business environment.
The Executive Centre boasts an expansive portfolio of over 220 centres at prestigious business addresses in 36 cities and 16 markets, and a growing global network of over 50,000 members. TEC’s collaboration with JLL and KAFD emphasises its commitment to expanding its footprint in key growth regions and establishing itself as a trusted partner for businesses of all sizes, delivering world-class facilities, unparalleled service, and bespoke support to thrive in a rapidly changing and complex business landscape.
Located in the heart of the Saudi capital, Riyadh, KAFD is a transformative mixed-use development that merges the world of business and lifestyle and sets new benchmarks in urban living, smart city technologies, and sustainable development, designed to transform how urban communities live, work, and play. Spanning 1.6 million square meters, the Kingdom’s first vertical city is home to 95 buildings across five asset classes, featuring Grade A office spaces, upscale residences, diverse commercial and retail areas, luxury hospitality, and vibrant entertainment venues, all interconnected and walkable within 10-minutes.
KAFD’s iconic location coupled with its modern infrastructure and vibrant business community, makes it the perfect location for TEC’s expansion into Saudi Arabia. TEC’s entry into KAFD will contribute to the district’s growth and development, offering businesses a premium workspace solution that aligns with the region’s aspirations. The Executive Centre’s location at KAFD underscores TEC’s confidence in the Saudi Arabia market and ambitious expansion plans in the region.
By building an ecosystem of premium flexible workspaces, The Executive Centre is contributing to the Kingdom’s efforts to attract foreign investment, foster entrepreneurship, and promote a more sustainable and inclusive economy.
Paul Salnikow, Founder and CEO, The Executive Centre said, “We are excited to bring our premium flexible workspaces to Saudi Arabia and contribute to the Kingdom’s thriving business ecosystem. KAFD is an iconic location for our expansion offering state-of-the-art facilities and unbeatable social infrastructure. We are looking forward to bringing our 30 years of global experience in providing a modern workspace that caters to the changing needs of businesses seeking a top-tier, agile, and premium work environment. We believe this expansion aligns seamlessly with Saudi Arabia’s Vision 2030 and will contribute to the growth of the Kingdom’s business ecosystem. Our investment in Riyadh demonstrates our commitment to providing world-class flexible workspaces in Saudi Arabia.”
Commenting on this landmark deal, Sultan Alobaida, Chief Commercial Officer of KAFD DMC, said: “The commercial real estate market in Saudi Arabia is witnessing an extraordinary surge in demand for high-quality office space, particularly in Riyadh. By the end of the first quarter of 2024, occupancy rates in the city’s Grade A offices have soared to an impressive 98%, reflecting a fresh appetite for premium office spaces as businesses seek to secure best-in-class spaces, underpinned by the thriving business ecosystem and the favorable conditions in Saudi Arabia, particularly with the Regional Headquarters (RHQ) program.”
He added: “As Riyadh’s premier business destination with approximately 1 million square meters of Grade A offices, we are delighted to welcome The Executive Centre to KAFD. TEC’s move marks a new era of collaboration, leveraging their premium flexible workspace solutions to rise to the heightened demand for office spaces as well as to expand and scale our office offerings to accommodate the ever-growing KAFD business community, fostering an optimal environment for business, investment, and entrepreneurship, and empowering the Kingdom’s economic development.”
In recognition of its first-class digital infrastructure that delivers robust connectivity, sustainability, and a seamless live, work, and play experience, KAFD is the first neighborhood in the Middle East, and North Africa (MENA) to achieve WiredScore’s Global Smart Neighborhood Certification. A green district, KAFD is the world’s largest LEED platinum-certified business and lifestyle destination with over 40 Silver and Gold LEED-certified buildings amongst its expansive portfolio, including the first LEED Platinum v4-certified Fire Station in the world. Designed by 25 world-leading architectural firms, KAFD is also reshaping Riyadh’s skyline, becoming a strikingly recognizable part of the cityscape. Blending contemporary design with Saudi Arabia’s rich cultural heritage, KAFD was awarded the prestigious King Salman Charter for Architecture and Urbanism for its iconic Grand Mosque, inspired by the desert native to the Arabian Peninsula.
Ben Johnston, Head of Commercial Agency at JLL, said: “We are excited to have acted as The Executive Centre’s exclusive acquisition partner and to lend our local market expertise for their expansion into Saudi Arabia. Our dedicated UAE and KSA team leveraged their deep understanding of TEC’s business model and the local occupier market to swiftly secure a prestigious location, positioning them for long-term success. This achievement underscores JLL’s commitment to delivering exceptional results and innovative solutions for our clients and is a testament to the Kingdom’s growing appeal as a global business hub.”
