Riyadh Chamber of Commerce & Industry
Project charter
The Chamber’s Investment Building — Business Tower on King Fahd Road
APPROVEDV2Approved 2024-05-31
1Project identity
Required at this stage- Project name
- The Chamber’s Investment Building — Business Tower on King Fahd Road
- Project code
- PRJ-2026-020
- Project sponsor
- Sarah A. Al-QarniSarah A. Al-QarniAssistant Secretary-General, Support ServicesP-012s.alqarni@chamber.sa
- Project manager
- Eng. Ahmed Y. AsiriEng. Ahmed Y. AsiriDirector, Construction Projects & BuildingsP-020a.asiri@chamber.sa
- Project owner
- Hisham A. Al-TuwairqiHisham A. Al-TuwairqiDirector, InvestmentP-051h.altuwairqi@chamber.sa
- Portfolio & programme
- New Headquarters & Investment Assets PortfolioNew Headquarters & Investment Assets Programme
- Type & methodology
- Infrastructure · Construction
- Current phase
- 4Execution
2Background & rationale
Required at this stageA 22-storey office tower on chamber-owned land to diversify non-membership revenue; the foundations of axes 12–16 face high groundwater.
3Objectives
Required at this stage- 1Financial sustainability
- 2The chamber’s services across Riyadh city and its governorates
Serves the strategic objectives:SO-4.1Financial sustainabilitySO-2.3The chamber’s services across Riyadh city and its governorates
4Scope
Required at this stageIn scope
- A 22-storey office tower on chamber-owned land to diversify non-membership revenue; the foundations of axes 12–16 face high groundwater.
- Saudi Building Code compliance
- An approved plan to keep member services and training running during the works
Out of scope
- Operation and maintenance after the warranty period
- Work outside the approved site or system boundary
5High-level requirements
Required at this stage- 1Saudi Building Code compliance
- 2An approved plan to keep member services and training running during the works
- 3Civil-defence requirements
6Deliverables
Required at this stage| 1 | Project management plan | 2024-07-16 |
| 2 | Main deliverable — stage 1 | 2025-12-12 |
| 3 | Main deliverable — final stage | 2026-12-29 |
| 4 | Final report | 2027-05-31 |
7Key milestones
Required at this stage- Charter approved2024-05-31
- Contract signed2024-11-24
- 50% of works complete2025-12-12
- Provisional acceptance2027-03-05
- Closure2027-05-31
8Budget
Required at this stage- Main contract72.0%12.4M
- Supervision & consulting14.0%2.4M
- Internal team9.0%1.6M
- Contingency reserve (5%)5.0%865K
The owning sector’s approved budgetTotal17.3M
9Timeline
Required at this stage10Key risks
Required at this stage- HighUnforeseen ground conditions and groundwater at the foundations of axes 12 to 16
- MediumPile lengths exceeding contract quantities
11Constraints
Required at this stage- Stay within the approved budget
- Comply with the Government Tenders & Procurement Law
12Assumptions
Required at this stage- Named internal staff available throughout
- Approvals land within the workflow’s action time limits
13Stakeholders
Required at this stage- Project sponsorDecisions and funding
- Project ownerAccepts deliverables, owns benefits
- Project Management Office (PMO)Governance and compliance
14Success criteria
Required at this stage- 1Delivered within the approved budget
- 2On the approved date ±5%
- 3Target benefits within 12 months
15Governance structure
Required at this stage- Change CommitteeApproves scope, cost and schedule changesWeekly
- PMO CommitteeMethodology compliance, data quality, stage gatesFortnightly
- Project management teamDay-to-day control, risks, impediments, the periodic update cardWeekly