JEDDAH: Saudi Arabia’s Sports Boulevard Foundation has launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, a mixed-use project in Riyadh.
SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape.
Spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters, the Urban Wadi High Rises will adhere to Salmani architectural principles, blending cultural heritage with modern design, according to a press release.
The initiative is part of the broader Sports Boulevard project launched in 2019, which spans 135 km, linking Wadi Hanifa in the west to Wadi Al-Sulai in the east. Designed as the world’s largest linear park, it integrates sports, cultural, and environmental features to promote healthier lifestyles in line with Vision 2030’s Quality-of-Life objectives.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development.”
She added: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.”
As part of the deal, Sports Boulevard Development Co. will hold the majority stake, while Riyadh Development Co. and FTG Development will act as co-investors and developers. Jadwa Investment will manage the closed-ended fund, the release added.
“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community,” said McGivern.
This is the second real estate investment fund launched by SBF, following its earlier fund announcement for the Promenade destination. The foundation described the initiative as a unique partnership model between the public and private sectors.
Urban Wadi will feature a water canal with green spaces, pedestrian and cycling paths, shaded play areas, sports courts, a kayaking zone, and retail spaces with shops and restaurants. A 10,000-sq.-meter shaded structure will provide an additional community gathering space for residents and visitors.
Jehad Al-Kadi, CEO of Riyadh Development Co., emphasized the project’s alignment with Vision 2030, noting its potential to enhance Riyadh’s infrastructure and support the Kingdom’s growth ambitions.
“We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh,” said Al-Kadi.
Given the project's significance and the Kingdom’s current economic and investment dynamics, he noted that a successful partnership had been formed with international real estate developer FTG Development to implement best practices in design, construction, and asset management.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, underscored the fund’s role in strengthening Riyadh’s global standing, adding: “The management of this Fund demonstrates our commitment to strengthening Riyadh’s position as a global city by developing sustainable infrastructure to the highest standards, attracting investments that contribute to achieving the goals of Saudi Vision 2030, and improving the quality of life in the capital.”
Launched in 2019 under the leadership of King Salman and Crown Prince Mohammed bin Salman, the Sports Boulevard project is a flagship initiative designed to enhance Riyadh’s livability and promote active lifestyles.
