Private sector participation in Riyadh’s Sports Boulevard project is set to increase as the foundation plans to double its investment fund to SR2 billion ($533 million). The Sports Boulevard Foundation announced its partnership with Ajdan Real Estate Development Co. and Albilad Capital to add an additional SR1 billion to the “Sports Boulevard Real Estate Fund 1.” This funding aims to enhance private sector involvement within the Arts District, a key destination in the project. The Sports Boulevard Development Co. will retain most units in the fund, while Ajdan will serve as the developer and primary investor, and Albilad Capital will act as the fund manager.
This collaboration aims to create a vibrant urban space, enhancing Riyadh’s cultural and economic landscape. The project will develop a mixed-use destination with residential, retail, office, and entertainment components, covering over 39,000 sq. m. in the Arts District and spanning approximately 240,000 sq. m. in total. The design, inspired by the Salmani Architectural Style, ensures an immersive experience for residents and visitors. Launched by King Salman bin Abdulaziz in 2019 and supported by Crown Prince Mohammed bin Salman bin Abdulaziz, the Sports Boulevard features 135 km of pathways for various activities, over 4.4 million sq. m. of greenery, and up to 50 sports facilities, along with several unique destinations and investment zones.