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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

Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
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Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that spending by the sovereign fund’s programs, initiatives, and companies on local content reached 591 billion riyals ($157 billion) between 2020 and 2024.

He added that the fund’s private sector platform has created more than 190 investment opportunities worth over 40 billion riyals ($10 billion).

Speaking at the opening of the PIF Private Sector Forum on Monday in Riyadh, Al-Rumayyan said the fund is working closely with the private sector to deepen the impact of previous achievements and build an integrated economic system that drives sustainable growth through a comprehensive investment cycle methodology.

He described the forum as the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector, highlighting the fund’s success in turning discussions into tangible projects.

Since 2023, the forum has attracted 25,000 participants from both public and private sectors and has witnessed the signing of over 140 agreements worth more than 15 billion riyals, he pointed out.

Al-Rumayyan emphasized that the meeting comes at a pivotal stage of the Kingdom’s economy, where competitiveness will reach higher levels, sectors and value chains will mature, and ambitions will be raised.

PIF Private Sector Forum aims to support the fund’s strategic initiative to engage the private sector, showcase commercial opportunities across PIF and its portfolio companies, highlight potential prospects for investors and suppliers, and enhance cooperation to strengthen the local economy.

Business

Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
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Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)

Pakistani Finance Minister Muhammad Aurangzeb discussed the future of his country, which has frequently experienced a boom-and-bust cycle, saying Pakistan has relied on International Monetary Fund (IMF) programs due to the absence of structural reforms.

In an interview with Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb acknowledged that Pakistan has relied on IMF programs 24 times not as a coincidence, but rather as a result of the absence of structural reforms and follow-up.

He stressed the government has decided to "double its efforts" to stay on the reform path, no matter the challenges, affirming that Islamabad not only has a reform roadmap, but also draws inspiration from "Saudi Vision 2030" as a unique model of discipline and turning plans into reality.

Revolution of Numbers

Aurangzeb reviewed the dramatic transformation in macroeconomic indicators. After foreign exchange reserves covered only two weeks of imports, current policies have succeeded in raising them to two and a half months.

He also pointed out to the government's success in curbing inflation, which has fallen from a peak of 38 percent to 10.5 percent, while reducing the fiscal deficit to 5 percent after being around 8 percent.

Aurangzeb commented on the "financial stability" principle put forward by his Saudi counterpart, Mohammed Aljadaan, considering it the cornerstone that enabled Pakistan to regain its lost fiscal space.

He explained that the success in achieving primary surpluses and reducing the deficit was not merely academic figures, but rather transformed into solid "financial buffers" that saved the country.

The minister cited the vast difference in dealing with disasters. While Islamabad had to launch an urgent international appeal for assistance during the 2022 floods, the "fiscal space" and buffers it recently built enabled it to deal with wider climate disasters by relying on its own resources, without having to search "haphazardly" for urgent external aid, proving that macroeconomic stability is the first shield to protect economic sovereignty.

Privatization and Breaking the Stalemate of State-Owned Enterprises

Aurangzeb affirmed that the Pakistani Prime Minister adopts a clear vision that "the private sector is what leads the state."

He revealed the handover of 24 government institutions to the privatization committee, noting that the successful privatization of Pakistan International Airlines in December provided a "momentum" for the privatization of other firms.

Aurangzeb also revealed radical reforms in the tax system to raise it from 10 percent to 12 percent of GDP, with the adoption of a customs tariff system that reduces local protection to make Pakistani industry more competitive globally, in parallel with reducing the size of the federal government.

Partnership with Riyadh

As for the relationship with Saudi Arabia, Aurangzeb outlined the features of a historic transformation, stressing that Pakistan wants to move from "aid and loans" to "trade and investment."

He expressed his great admiration for "Vision 2030," not only as an ambition, but as a model that achieved its targets ahead of schedule.

He revealed a formal Pakistani request to benefit from Saudi "technical knowledge and administrative expertise" in implementing economic transformations, stressing that his country's need for this executive discipline and the Kingdom's ability to manage major transformations is no less important than the need for direct financing, to ensure the building of a resilient economy led by exports, not debts.

Business

Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
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Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the US and Iran pledged to continue talks about Tehran's nuclear program over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday by 0444 GMT, while US West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate ‌fear of supply disruptions ‌in the Middle East has eased ‌quite ⁠a bit," IG ‌market analyst Tony Sycamore said.

Iran and the US pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the US has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply ⁠from Iran and other regional producers as exports equal to about a fifth of the world's ‌total oil consumption pass through the Strait of ‍Hormuz between Oman and Iran.

Both ‍benchmarks fell more than 2% last week on the easing tensions, their ‍first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike US bases in the Middle East if it is attacked by US forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at ⁠Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether ‌India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.