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

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.

Mohamed Farouk, Vice Chairman of El-Gammal Group, the company implementing the Egypt-Saudi Arabia electrical interconnection project, stated that the initiative will significantly enhance electricity supply in the region and reduce power outages that many Arab countries have been grappling with.

During the past summer, at least seven Arab countries, including Kuwait—a nation known for its oil wealth—experienced recurring power cuts due to record-breaking heatwaves.

In an interview with Asharq Al-Awsat from his office in Cairo, Farouk explained that the electrical interconnection, set to launch between April and May next year, will bolster the reliability of power stations in both Egypt and Saudi Arabia.

He added that this project is expected to serve as a cornerstone for broader Arab electrical integration.

The initiative originated from a cooperation agreement signed by Egypt and Saudi Arabia in 2012, with an estimated cost of $1.8 billion, of which $600 million is Egypt’s share. Funding has been provided by the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development, the Islamic Development Bank, and internal resources from the Egyptian Electricity Transmission Company.

This project represents the first high-voltage current exchange initiative in the Middle East and North Africa. It spans from Badr City in Egypt to Madinah, passing through Tabuk in Saudi Arabia. It includes the construction of three high-voltage conversion stations: two in Saudi Arabia, located in Madinah and Tabuk, and one in Badr, east of Cairo. These stations will be interconnected by overhead transmission lines stretching approximately 1,350 kilometers, along with 22 kilometers of underwater cables across the Gulf of Aqaba.

Farouk also announced that El-Gammal Group has earmarked $200 million to establish a polyethylene manufacturing complex in Saudi Arabia, with completion planned by the end of next year.

The company is targeting a 25% market share in Saudi Arabia’s polyethylene sector within three to four years.

“We have obtained the necessary licenses for the factory and are currently in the process of selecting the most suitable location,” Farouk explained.

The group is actively engaged in infrastructure and energy projects and produces a significant portion of the materials used in these endeavors, such as pipelines for oil and gas projects. One of its notable achievements includes the monorail project, where it integrated all stations with the Greater Cairo electricity distribution network.

Farouk emphasized the significance of the Saudi market, describing it as “large and promising.”

He added: “We aim to establish a strong presence in Saudi Arabia, both in the general contracting and manufacturing sectors.”

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