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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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Business

Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
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Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)

Gold prices extended losses on Monday on rising fears of a US rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns.

Spot gold fell 1% to $4,287.66 per ounce by 0544 GMT. Prices fell about 3% on Friday, hitting the lowest since March 24.

US gold futures for ‌August delivery were ‌down 1.2% at $4,311.

"It is all based on ‌the ⁠hawkishness that the ⁠market has started to place on the Fed futures," said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.

The yield on the benchmark 10-year US Treasury note rose after jumping to a two-week high in the previous session, increasing the opportunity cost of holding non-yielding ⁠bullion.

Israel said it struck military targets in ‌western and central Iran on Monday, ‌even after US President Donald Trump reportedly told Israeli Prime Minister Benjamin ‌Netanyahu to refrain from further attacks.

Oil prices rose more than $3 ‌a barrel, deepening concerns over inflation and interest rate hikes.

While gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.

The US economy posted a third ‌straight month of strong job gains in May, confirming the labor market was gaining traction after ⁠stumbling last ⁠year and giving the central bank more room to keep rates steady amid rising inflation due to the Iran war.

Markets are pricing in a Federal Reserve rate hike before year-end, with a 72% chance of a move by December, according to CME Group's FedWatch tool.

Cleveland Fed President Beth Hammack said on Friday that new jobs numbers show the labor market was roughly in balance and near full employment, while continued high inflation may require the Fed to raise rates soon to contain it.

Spot silver was down 2.2% at $66.33 per ounce, platinum lost 2.1% to $1,739.78, and palladium fell 1.5% to $1,207.50.

Business

Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
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Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)

Riyadh Air, a Public Investment Fund company, has announced the launch of five new destinations - Cairo, Dubai, Jeddah, Madrid, and Manchester - as the first three Boeing 787-9 Dreamliner aircraft in its modern fleet have arrived.

The carrier said the new destinations are part of its expansion plans to strengthen air connectivity between Riyadh and several of the world’s prominent economic, tourism, and cultural hubs, adding that more destinations will join its network in the coming weeks.

The announcement continues Riyadh Air’s operational progress, with its third new aircraft arriving in the Kingdom on Sunday, strengthening its operational readiness and supporting its target of connecting Riyadh to more than 100 destinations worldwide by 2030.

Flights to Jeddah are scheduled to begin June 14, followed by Dubai on June 18 and Cairo on June 25. Flights to Madrid will start on July 17, and Manchester on July 23.

Riyadh Air also announced that it has moved up its inaugural London flight from July 1 to June 10, in conjunction with the early delivery of its new aircraft.

Riyadh Air’s modern fleet features cabins equipped with the latest technologies and enhanced onboard experiences, along with a range of hospitality services designed to the highest international standards, providing passengers with a complete travel experience.

Business

Oil Prices Climb More Than $3 After Israeli Strikes on Lebanon

A man fills up his vehicle at a gas station in Brooklyn on June 01, 2026 in New York City. (Getty Images/AFP)
A man fills up his vehicle at a gas station in Brooklyn on June 01, 2026 in New York City. (Getty Images/AFP)
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Oil Prices Climb More Than $3 After Israeli Strikes on Lebanon

A man fills up his vehicle at a gas station in Brooklyn on June 01, 2026 in New York City. (Getty Images/AFP)
A man fills up his vehicle at a gas station in Brooklyn on June 01, 2026 in New York City. (Getty Images/AFP)

Brent oil prices jumped more than $3 a barrel on Monday, initially spooked by Israel's launch of renewed strikes on Lebanon a day earlier, but also gaining further steam after sounds of explosions were heard in Iran.

Sounds of blasts were heard - in Tehran, Tabriz and Isfahan, local media reported early on Monday, eroding hopes for an imminent end to the wider war and a restart to ‌crude flows through ‌the Strait of Hormuz.

Brent crude futures rose $3.20 or 3.39% ‌to $96.24 ⁠a barrel while US ⁠crude futures were up $2.87 or 3.17% at $93.41 per barrel as of 0333 GMT.

Those gains erased Friday's losses, when prices fell on hopes of a de-escalation in the US-Iran conflict, which has seen oil prices rise over 50% since March.

Though Iran on Sunday fired a salvo of missiles at Israeli targets in retaliation, US President Donald Trump insisted that an agreement to end the wider war ⁠remains well within reach.

Trump also reportedly told Israeli Prime Minister ‌Benjamin Netanyahu to refrain from further attacks.

"It’s not ‌going to have any impact on the deal," Trump told the Financial Times. "I call ‌the shots. I call all the shots. He doesn’t call the shots."

Iran ‌has made a ceasefire with Lebanon a condition for a peace deal with Washington.

Israel invaded Lebanon in March after Iran-backed Hezbollah fired rockets and drones across the border. Lebanon and Israel said on June 3 that they had agreed to a ceasefire following negotiations ‌in Washington.

The two countries had previously agreed to a cessation of hostilities in April, but violence continued.

The wider ⁠war has been ⁠stalemated since the US and Israel paused their attacks on Iran in early April, with Tehran blocking most shipping through the Strait of Hormuz, the main transit route for one-fifth of the world's oil. Washington has imposed its own blockade of Iranian ports.

Amid the resulting supply crisis, OPEC+ on Sunday agreed its fourth increase in oil output in four months.