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Sports Boulevard Doubles Value of Private Real Estate Investment Fund for Riyadh Arts District to SAR2 Bln

Sports Boulevard Doubles Value of Private Real Estate Investment Fund for Riyadh Arts District to SAR2 Bln
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Sports Boulevard Doubles Value of Private Real Estate Investment Fund for Riyadh Arts District to SAR2 Bln

Sports Boulevard Doubles Value of Private Real Estate Investment Fund for Riyadh Arts District to SAR2 Bln

Saudi Arabia's Sports Boulevard Foundation, together with Ajdan Real Estate Development Company and Albilad Capital, decided to double the value of the private real estate investment fund, currently valued at SAR1 billion, said Sports Boulevard in a statement on Monday.

This will bring the total value of the fund to SAR2 billion, which will be used to increase the private sector’s participation in the Riyadh's Arts District, one of the Sports Boulevard project destinations.

The Sports Boulevard Development Company will remain the major unitholder in the fund, with Ajdan Real Estate Development Company as a developer and primary investor, while Albilad Capital is the fund manager.

This partnership underscores the collaborative effort behind the expansion, and points to a strategic alliance aimed at creating a vibrant and dynamic urban space that enhances the cultural and economic landscape of Riyadh.

The project, according to the release, aims to develop a mixed-use lifestyle destination consisting of residential, retail, office, and entertainment components. Spanning a land area of more than 39,000 sqm in the heart of the Arts District, the total combined built-up area is approximately 240,000 sqm, with over 100,000 sqm of net leasable area.

The design style is driven by Sports Boulevard Design Code, which is inspired by the Salmani Architectural Style.

This destination promises a dynamic and immersive lifestyle experience for residents and visitors alike.

The project extends beyond the private development parcels, spanning an area of 184,000 sqm, and offering a captivating public realm distinguished by its recreational activities, spacious pedestrian spaces, and bike-friendly tracks, utilizing efficient mobility, seamlessly connected to the Promenade and the cycling bridge.

The Sports Boulevard is one of Riyadh's mega projects launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019. The project extends for more than 135 km 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 includes more than 4.4 million square meters of greenery and open spaces, and up to 50 multidisciplinary sports facilities. In addition, there are several unique destinations and investment zones, totaling over 3 million square meters.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."