Riyadh Infrastructure Projects Center issues 1st license to boost sustainable development

This milestone represents a significant shift toward comprehensive planning and sustainable infrastructure expansion for the region, following the recent delegation of licensing responsibilities to the center.
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Updated 11 June 2024
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Riyadh Infrastructure Projects Center issues 1st license to boost sustainable development

RIYADH: Saudi Arabia’s capital city is poised for a transformative phase of integrated planning and sustainable infrastructure development with the issuance of its inaugural project license by the Riyadh Infrastructure Projects Center.

This milestone represents a significant shift toward comprehensive planning and sustainable infrastructure expansion for the region, following the recent delegation of licensing responsibilities to the center.

In a recent announcement, the center disclosed the issuance of a nine-day license for utility connection excavations on June 10, signaling the beginning of a phased approach to license issuance aimed at effectively meeting market demands.

Tariq bin Mohammed Al-Harbi, RIPC’s vice president for operations, emphasized that license issuance will be gradual to ensure efficient market responsiveness. He underscored the center’s commitment to enhancing efficiency and expediting processes through direct electronic interfaces with relevant entities, facilitating instant data verification, as reported by the Saudi Press Agency.

Al-Harbi outlined the center’s diverse objectives, including enhancing the efficiency of infrastructure project planning and execution, fostering collaboration among stakeholders, and establishing strategic partnerships. Furthermore, he stressed the center’s mission to revitalize urban environments to enhance citizen and resident satisfaction.

Additionally, Al-Harbi mentioned ongoing efforts to standardize permit and licensing procedures, as well as digitize project plans and information, ensuring compliance with international standards.

Established by a decree from the Council of Ministers in July 2023, RIPC aims to advance infrastructure projects, optimize expenditure, enhance quality of life, and promote sustainable development in urban areas. Chaired by Faisal bin Abdulaziz bin Ayyaf, mayor of Riyadh, the RIPC board of directors comprises representatives from key ministries and commissions.

Saudi Arabia is committed to positioning Riyadh as a global leader in sustainability through various measures and initiatives. This endeavor seeks to elevate the quality of infrastructure projects in the province by implementing sustainable business models, thereby improving quality of life, reducing visual pollution, and enhancing expenditure efficiency — all aligned with the objectives of Vision 2030.


Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals

Updated 10 March 2026
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Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals

RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.

According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.

Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.

A $3 billion metro-connected district

The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters. 

It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.

The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.

Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.

“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation. 

$850 million cultural district package

In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.

The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.

“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.

Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.