Official government website of the Government of the Kingdom of Saudi Arabia
The Sports Boulevard Real Estate Development and Investment Company has signed contracts to establish the third real estate investment fund with Rikaz Properties, with a combined value of more than $186 million USD, to develop key assets within Urban Wadi in the city of Riyadh, Saudi Arabia.
The third fund, valued at $186+ million USD, will support the development of a luxury five-star hotel within Urban Wadi in Hittin District, in partnership with Rikaz Properties as Developer and Investor, and Al Jazira Capital as Fund Manager. 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, 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.
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.
This fund forms part of a series of investment agreements launched by the Sports Boulevard Foundation. It follows the previous announcement of the second real estate investment fund with a combined value exceeding $1.4 billion USD across the Arts District, the Promenade, and Urban Wadi. With these latest agreements, the total number of signed funds now reaches three, with a combined value exceeding $1.6 billion USD. 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.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “The establishment of these two funds represents an important step in strengthening the project’s investment and development strategy. It reflects our partners’ confidence in the long-term value of the Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh’s position as one of the best cities in the world to live in.”
Rikaz Properties CEO, “This partnership with the Sports Boulevard Foundation reflects the growing opportunities within Riyadh’s hospitality and lifestyle sectors. The development of this five-star hotel in Urban Wadi allows us to bring our real estate expertise to a distinctive destination and contribute to the creation of an integrated experience for residents and visitors.”
Al Jazira Capital CEO, “Managing SB Fund 3 reflects our commitment to supporting investments that combine strong development potential with long-term urban value. This fund demonstrates the role that strategic real estate investment can play in unlocking new opportunities, supporting private sector participation, and contributing to the growth of Riyadh as a leading global city.”
The Sports Boulevard is one of Riyadh’s mega projects. Upon completion, it will extend for more than 135 kilometres through an interconnected network of sports, environmental, and entertainment destinations. The project aims to strengthen Riyadh’s global ranking and support its transformation into one of the world’s most liveable cities.
The opening of the project’s first phase in February 2025 marked a major milestone in its journey, with the launch of five distinctive destinations: Wadi Hanifah, the Promenade, the Arts Tower area, the internal loop at Princess Nourah bint Abdulrahman University, and the first phase of Sands Sports Park. This milestone reinforced the project’s position as one of the Kingdom’s leading urban and environmental projects, enhancing quality of life and connecting the west and east of Riyadh in line with the objectives and achievements of Phase One.
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