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.
