Riyadh: The Sports Boulevard Real Estate Development and Investment Company has signed contracts with Al Jazira Capital and Rikaz Properties to establish a real estate investment fund valued at over SAR700 million. This initiative aims to develop key assets within Urban Wadi, including a luxury five-star hotel in the Hittin District.
According to Saudi Press Agency, the project will be developed on a land area of approximately 13,500 square meters with a gross floor area of around 34,400 square meters. Rikaz Properties will serve as the Developer and Investor, while Al Jazira Capital will manage the fund. The endeavor is expected to significantly enhance the project's hospitality and lifestyle offerings.
The establishment of this fund underscores the Sports Boulevard's collaborative approach with the private sector to create world-class assets and facilities. It aligns with Saudi Vision 2030 and the Quality of Life Program by promoting quality of life improvements, high-value investment opportunities, and a more integrated urban environment.
Urban Wadi, situated within the Sports Boulevard project in Hittin District, spans from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east. The destination offers integrated experiences combining sport, nature, entertainment, hospitality, and community engagement, guided by the Sports Boulevard Code and Salmani architectural principles.
This fund is part of a series of investment agreements initiated by the Sports Boulevard Foundation. It follows the announcement of a second real estate investment fund valued at over SAR5.5 billion across the Arts District and Urban Wadi, bringing the total number of signed funds to three, with a combined value exceeding SAR6.2 billion. This reflects the foundation's commitment to enhancing private sector involvement and reinforcing Riyadh's transformation into a globally livable city.
Jayne McGivern, CEO of the Sports Boulevard Foundation, highlighted the fund's role in strengthening the project's investment and development strategy. She emphasized the partners' confidence in the long-term value of the Sports Boulevard and their shared dedication to developing destinations that improve quality of life and bolster Riyadh's global standing.
The Sports Boulevard, one of Riyadh's mega projects, is set to extend over 135 kilometers, featuring an interconnected network of sports, environmental, and entertainment destinations. The initiative is a crucial component of Riyadh's transformation into one of the world's most livable cities.
The project's first phase, launched in February 2025, marked a major milestone with the debut of five distinctive destinations, including Wadi Hanifah, the Promenade, and the first phase of Sands Sports Park. These developments aim to enhance quality of life and connect the western and eastern parts of Riyadh.