The Sports Boulevard Real Estate Development and Investment Company has signed contracts with Saudi-based Rikaz Properties to establish the third real estate investment fund with a combined value of more than $186 million to develop key assets within Urban Wadi in the city of Riyadh.
With these latest agreements, the total number of signed funds now reaches three, with a combined value exceeding $1.6 billion, said a statement from Sports Boulevard Foundation.
This reflects the Sports Boulevard’s commitment to enabling private sector participation, strengthening the investment environment, and supporting Riyadh’s transformation into one of the world’s most liveable cities.
A premium project, Urban Wadi is located within the Sports Boulevard project in Hittin District - extending from Suwaid bin Harthah Street in the west to Ar Rub Al Khali Street in the east.
The destination has been designed to deliver integrated experiences that bring together sport, nature, entertainment, hospitality, and community engagement, in alignment with the project’s urban code, known as the Sports Boulevard Code. Inspired by the principles of Salmani architecture, the code supports a cohesive urban identity rooted in Riyadh’s character.
The Fund will support the development of a luxury five-star hotel within Urban Wadi in Hittin District, in partnership with Rikaz Properties, which will act as the developer and investor, while Al Jazira Capital will be the Fund Manager, said the statement.
The project will be developed on a land area of 13,500 sq m with a gross floor area of around 34,400 sq m, contributing to the growth of the project’s hospitality and lifestyle offering.
The new fund reflects the Sports Boulevard’s partnership model with the private sector to develop world-class assets and facilities across its destinations. It also supports the objectives of Saudi Vision 2030 and the Quality-of-Life Program by enhancing quality of life, creating high-value investment opportunities, and contributing to a more integrated, active, and connected urban environment.-TradeArabia News Service
