JEDDAH: The Sports Boulevard Real Estate Development and Investment Co. has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than $186 million, to develop key assets including a luxury five-star hotel in Riyadh’s Urban Wadi.
The fund will finance the development of the hotel in the Hittin district, with Rikaz Properties serving as developer and investor and Al Jazira Capital acting as fund manager, according to an official statement.
The project will be built on a 13,500-sq.-meter plot and have a gross floor area of about 34,400 sq. meters, the statement said.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the establishment of the funds marks an important step in advancing the project’s investment and development strategy.
“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,” McGivern said.
The latest fund forms part of the Sports Boulevard’s strategy of partnering with the private sector to develop major sports, hospitality, entertainment and lifestyle assets across its destinations.
It follows the launch of a second real estate investment fund with a combined value of more than $1.4 billion covering projects in the Arts District, the Promenade and Urban Wadi.
With the latest agreement, the total number of signed investment funds has reached three, with a combined value exceeding $1.6 billion, the statement said.
Rikaz Properties CEO, Khaled Al-Qahtani, said: “This partnership with the Sports Boulevard Foundation reflects the growing opportunities within Riyadh’s hospitality and lifestyle sectors.”
Urban Wadi is a key destination within the Sports Boulevard project in Hittin, stretching from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east. It is designed as an integrated destination combining sports, nature, entertainment, hospitality and community spaces.
The development follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture and intended to reinforce a cohesive identity rooted in Riyadh’s character.
The investment program supports the objectives of Saudi Vision 2030 and the Quality of Life Program by attracting private sector investment, creating new development opportunities and contributing to a more active and connected urban environment.
The CEO of Al Jazira Capital, Naif Al-Mesned, said: “Managing SB Fund 3 reflects our commitment to supporting investments that combine strong development potential with long-term urban value.”
The Sports Boulevard is one of Riyadh’s major development projects. Upon completion, it is planned to extend more than 135 km through an interconnected network of sports, environmental, entertainment and urban destinations.
