A Saudi mega project has doubled the size of its private real estate investment fund to invigorate the Kingdom’s property market.
The “Sports Boulevard” Foundation, in collaboration with Ajdan Real Estate Development Company and Albilad Capital, has announced an increase in the value of its private real estate investment fund from SR 1B ($267M) to SR 2B ($533M). This additional investment aims to enhance private sector involvement in the Arts District, a key area within the Sports Boulevard project.
This growth signifies a successful partnership with Ajdan Real Estate Development Company.
Sports Boulevard in Saudi Arabia
The “Sports Boulevard Development Company” will remain the primary unit holder in the fund, with Ajdan Real Estate Development Company serving as the developer and primary investor, and Albilad Capital acting as the fund manager.
This collaboration highlights the cooperative efforts driving the expansion and represents a strategic alliance focused on creating a vibrant urban space that will enrich Riyadh’s cultural and economic landscape.
The project aims to establish a mixed-use lifestyle destination, comprising residential, retail, office, and entertainment elements.
Covering over 39,000 square metres of land in the heart of the Arts District, the total combined built-up area (BUA) will be approximately 240,000 square metres, including over 100,000 square metres of net leasable area (NLA).
This impressive destination promises a dynamic and engaging lifestyle experience for both residents and visitors.
The Art District is situated at the crossroads of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road.
Expansion Beyond Private Development: Covering 184,000 Square Metres
The project extends beyond the private development plots, covering an area of 184,000 square metres.
It offers a captivating public realm, featuring human-centric urban planning elements such as recreational activities, spacious pedestrian areas, and cycling-friendly paths, all seamlessly connected to the Promenade and the cycling bridge.
The Sports Boulevard is one of Riyadh’s mega projects, inaugurated by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, on 19th March 2019.
The project spans over 135km along Prince Mohammed bin Salman bin Abdulaziz Road, linking Wadi Hanifah in the west with Wadi Al Sulai in the east via a network of safe, green pathways for pedestrians, cyclists, athletes, and horse riders.
The project includes over 4.4 million square metres of greenery and open spaces, as well as up to 50 multidisciplinary sports facilities.
Additionally, there are several unique destinations and investment zones, totalling more than 3 million square metres.
