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‘Sports Boulevard’ Establishes Private Real Estate Investment Fund for Riyadh’s Arts District

Officials during the signing ceremony. (SPA)
Officials during the signing ceremony. (SPA)
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‘Sports Boulevard’ Establishes Private Real Estate Investment Fund for Riyadh’s Arts District

Officials during the signing ceremony. (SPA)
Officials during the signing ceremony. (SPA)

In its inaugural private sector partnership, the Sports Boulevard Foundation (SBF) signed an agreement with Ajdan real estate development company, and Albilad Capital to establish a private mixed-use real estate fund valued at SAR 1 billion for the development of the private plots within the Arts District, one of the eight districts of the Sport Boulevard project.

Structured as a private closed-ended real investment estate fund, managed by Albilad Capital, the collaboration aligns the interests of both the project and the private sector. The Sports Boulevard Development Company will be the major unitholder in the Fund, Ajdan Real Estate Development Company as a developer and co-investor, and Albilad Capital as the fund manager.

The project aims to develop a diverse range of residential, retail, office, and entertainment spaces. The development will span over a 20,000 sqm area within the Sports Boulevard located on Prince Mohammed bin Salman Road and boast a built-up area (BUA) exceeding 120,000 sqm.

All aspects of the development will be guided and informed by the Sports Boulevard’s Design Code, inspired by Salmani principles, and the project will encompass approximately 60,000 sqm of gross leasable areas, promising a dynamic and immersive experience for occupants and visitors alike.

Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “This strategic partnership marks a significant step forward in Riyadh’s urban development, and we are excited to work alongside our partners Ajdan Real Estate Development Company and Albilad Capital to introduce world-class facilities into Sports Boulevard’s Art District.”

“From job creation to enabling the city’s residents to make healthier and more sustainable lifestyle choices, our partnership will have a positive impact on every aspect of society. It will truly support in redefining Riyadh’s landscape into one of the most liveable cities in the world, as part of the Kingdom’s ambitious Saudi Vision 2030 goals,” she added.

Eng. Mohammed, Al-Otaibi, CEO of Ajdan Real Estate Development said: “We are proud to announce the establishment of the Real Estate Fund through our strategic partnerships with the Sports Boulevard Development Company and Albilad Capital. This investment will support Sports Boulevard in its mission to provide world-class facilities to the people of Riyadh and will be key in supporting the Kingdom to deliver its Saudi Vision 2030 objectives.”

Zaid Almufarih, CEO of Albilad Capital, said: “The new fund announced today by the Sports Boulevard Development Company and Ajdan Real Estate Development Company marks a vital step forward in Riyadh’s transformation into one of the world’s top 10 most livable cities, as part of the Kingdom’s ambitious Saudi Vision 2030 and Quality of Life goals.”

“We look forward to working with both the Sports Boulevard Development Company and Ajdan Real Estate Development Company to turn this vision into a reality, along with this unique project’s objectives as we will invest in our technical and human capabilities to maintain excellence in managing high-quality products and leverage our expertise to accomplish the fund's goals and benefit its investors,” he stressed.

Within the Arts District, located at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road with Prince Turki bin Abdulaziz Al Awwal Road, the project extends beyond the private development parcels, sitting on an area of 184,000 sqm and offering an enchanting public realm distinguished by recreational activities. With pedestrian and cyclist-friendly paths and trails, the Arts District is set to become a haven for efficient mobility while featuring distinguished artworks all seamlessly connected to the Promenade and cycling bridge

The Sports Boulevard is one of Riyadh’s mega projects launched by Custodian of the Two Holy Mosques, King Salman bin Abdulaziz on March 19, 2019. Supported by Prince Mohammed bin Salman bin Abdulaziz, the project extends more than 135km on Prince Mohammed bin Salman bin Abdulaziz Road connecting Wadi Hanifah in the West with Wadi Al Sulai in the East through a grid of safe green pathways for pedestrians, cyclists, athletes, and horse-riders. The project boasts 4.4 million square meters of greenery and open spaces, and up to 50 multidisciplinary sports facilities.

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Business

Saudi Arabia Reinforces Global Mining Leadership at PDAC 2026 in Canada

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
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Saudi Arabia Reinforces Global Mining Leadership at PDAC 2026 in Canada

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA

Saudi Arabia participated in the Prospectors and Developers Association of Canada (PDAC) convention, held March 1–4, 2026, highlighting exploration and mining opportunities in the Kingdom built on vast geological data and supported by a reformed regulatory framework.

On the sidelines of the conference, Deputy Minister of Industry and Mineral Resources for Mineral Resources Management Abdulrahman Al-Belushi, delivered keynote remarks at the Saudi Showcase titled “KSA: The Future Hub for Global Mineral Processing,” highlighting the Kingdom’s transformation from an emerging jurisdiction to a top global mining destination.

Al-Belushi emphasized that Saudi Arabia’s $2.5 trillion mineral wealth, modern regulatory framework, transparent licensing rounds, large-scale geological mapping program covering 700,000 km² of the Arabian Shield, and its world-class mine-to-market facilities provide a strong foundation for global investors seeking long-term opportunities across the mining sector, SPA reported.

During his participation at the International Mines Ministers Summit (IMMS), Al-Belushi highlighted the importance of global partnerships to meet rising mineral demand and shared details of the Future Minerals Forum’s Ministerial Roundtable Initiative, which promotes economic development, responsible supply, and capacity building across the mining sector.

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration and is actively addressing financing gaps through a suite of competitive incentives, including the Exploration Enablement Program to support early-stage investment.

He also highlighted ongoing talent development initiatives, such as the recently launched Saudi School of Mines at the fifth Future Minerals Forum in January, alongside more than 80 years of geological data made digitally accessible to investors through the National Geological Database (NGD).

Throughout PDAC 2026, the Saudi delegation engaged in a series of bilateral meetings with global mining executives, investors, and institutional partners to accelerate collaboration across exploration, mining services, processing, and downstream integration.

By combining governance reform, large-scale geological data, financial risk-sharing mechanisms, and integrated mine-to-market infrastructure, Saudi Arabia is positioning itself as a strategic partner in strengthening global mineral supply chains.

Saudi Arabia’s participation at PDAC affirms that the Kingdom’s mining sector has moved from an emerging market to a competitive global destination. Through a modernized regulatory framework, extensive geological data, and competitive incentives, the Kingdom continues to strengthen its position as a trusted and preferred destination for mining investment—a reliable partner in building resilient and sustainable mineral supply chains.

Business

S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
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S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe

British consumers have turned their least confident since the start of last year following the outbreak of war in the Middle East, financial data firm S&P Global said on Monday in an early sign of the potential impact of the conflict on the economy.

S&P Global's Consumer Sentiment Index - based on a survey conducted ⁠March 5-9 - dropped ⁠to 44.1 in March from 44.8 in February, its lowest since January 2025.

"A marked deterioration of consumer sentiment in March means we are seeing the first ⁠concrete signs of the war in the Middle East damaging the UK economy," Maryam Baluch, an economist at S&P Global Market Intelligence, said, according to Reuters.

Households were the most downbeat about their financial prospects since December 2023 and the wariest about making big purchases in 14 months, the firm said.

The Bank ⁠of ⁠England, along with private economists, is watching for the impact of the US-Israeli war with Iran on the economy, including any hit to consumer spending as the rise in global energy prices threatens to push up inflation.

The BoE is likely to delay a previously expected interest rate cut on Thursday.

Business

Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
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Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold prices dipped on Monday, pressured by concerns that surging oil costs could stoke inflation further and prompt a more hawkish policy stance by major central banks including the US Federal Reserve, dulling the appeal of the non-yielding asset.

Spot gold fell 0.7% to $4,983.17 per ounce, as of 0944 GMT. US gold futures for ‌April delivery ‌fell 1.5% to $4,987.30.

"The gold market has moved its ‌focus ⁠from looking at ⁠the implications of the Hormuz trade closure, and towards implications of longer-term inflation," said Bernard Dahdah, an analyst at Natixis.

"Higher oil prices mean higher inflation and this has repercussions on the Fed. The Fed could pivot, stop cutting rates and that puts downward pressure on gold prices."

Oil held above $100 a ⁠barrel, up more than 40% this month ‌to its highest levels since 2022, ‌after US-Israeli strikes on Iran prompted Tehran to halt shipments through ‌the Strait of Hormuz.

US President Donald Trump on Sunday pressed ‌allies to help secure the Strait of Hormuz as Iranian forces continue attacks on the vital waterway amid the US-Israeli war on Iran, now in its third week.

The Fed will meet this week ‌for a two-day policy meeting, where it is widely expected to hold interest rates steady.

Other ⁠central ⁠banks including the European Central Bank, the Bank of England and the Bank of Japan will also meet this week, with the focus on policymakers' assessment of the Iran war on inflation, growth and future policies.

"But we expect central banks to be watchful of inflation risks without making knee-jerk policy rate hikes," UBS said in a note.

"In addition, the longer the US-Iran conflict goes on, the higher the risk of negative economic impacts, which should support hedging demand for gold."

Elsewhere, spot silver fell 2.6% to $78.46 per ounce. Spot platinum held steady at $2,024.85 and palladium slid 0.5% to $1,542.92.