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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

Caspian Pipeline Consortium Oil Loadings Suspended After Drone Attacks on Tankers, CPC Says

The full moon rises in the background over the infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. (Reuters)
The full moon rises in the background over the infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. (Reuters)
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Caspian Pipeline Consortium Oil Loadings Suspended After Drone Attacks on Tankers, CPC Says

The full moon rises in the background over the infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. (Reuters)
The full moon rises in the background over the infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. (Reuters)

Two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia's Black Sea coast, CPC said on Sunday, adding that oil loadings are suspended.

The ASIA and NISSOS IOS ‌tankers were ‌attacked during loading operations, ‌CPC ⁠said.

The ASIA ⁠tanker caught fire, which was extinguished, it added.

"There were no injuries or fatalities amongst CPC staff or contractors. There was no oil ⁠spill," CPC said, adding ‌that ‌the tankers remained afloat.

CPC did not ‌identify any party as ‌responsible for the incident.

The past week has seen a sharp escalation in attacks by ‌both Russia and Ukraine on shipping in the Black ⁠and ⁠Azov seas.

The CPC is a 940-mile (1,510 km) oil pipeline connecting Kazakhstan's Caspian Sea oil deposits with Russia's Black Sea port of Novorossiysk. Oil loaded at Novorossiysk is then taken by tanker to world markets.

CPC accounts for about 80% of Kazakhstan’s oil exports.

Business

Chinese Company Demands Compensation from the UK Over British Steel Nationalization

Workers work at the British Steel site in Scunthorpe, Lincolnshire, Britain April 17, 2025. (Reuters)
Workers work at the British Steel site in Scunthorpe, Lincolnshire, Britain April 17, 2025. (Reuters)
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Chinese Company Demands Compensation from the UK Over British Steel Nationalization

Workers work at the British Steel site in Scunthorpe, Lincolnshire, Britain April 17, 2025. (Reuters)
Workers work at the British Steel site in Scunthorpe, Lincolnshire, Britain April 17, 2025. (Reuters)

The Chinese company that formerly owned British Steel demanded Sunday compensation from the UK government for investment losses following the nationalization of the manufacturer last week.

The British government took operational control of the company last year after Jingye Group said that it was considering closing the blast furnaces at its Scunthorpe plant in northern England, the last in the United Kingdom to make “virgin steel” from raw materials.

Jingye Group said in a WeChat statement that the nationalization move tarnished the credibility of the British government, spooked international investors and caused great losses to the company’s operation and British taxpayers' funds. It also demanded that the UK government stop “trampling on international investment rules.”

The Chinese company announced it had initiated negotiation procedures under relevant bilateral investment agreements, reserving all rights, including to international arbitration. Jingye said it will also represent British taxpayers seeking to hold the UK government and British Steel’s management legally liable. However, it did not specify how it would handle the case.

“The UK disregarded Jingye's continuous investment and significant contribution and was only willing to provide almost zero compensation,” it said.

An independent evaluation will be carried out to determine whether any compensation will be paid to Jingye Group, the UK government said last week.

The Department for Business and Trade announced the move on July 17, saying it would save thousands of jobs and protect the UK’s national interest by ensuring a supply of domestically produced steel for major construction projects and the defense industry.

British Steel and its forebears have been making steel at Scunthorpe for more than 130 years, building on the UK’s development of improved steelmaking technology during the Industrial Revolution. The plant currently employs about 2,700 people.

Jingye bought British Steel in 2020 and said it saved the steel company from crisis.

The Chinese Foreign Ministry on Saturday said the way the UK handles the issue would directly influence how Chinese investors view the British investment environment and the credibility of the British government.

“China urges the UK to earnestly respect market principles and the spirit of contract, and find solutions on compensation and other issues acceptable to both sides,” it said in a statement.

It added China supports enterprises in safeguarding their legitimate rights through legal means.

Business

ACWA Power to Lead Saudi Arabia’s Green Hydrogen Export Drive

The NEOM Green Hydrogen Project (NEOM) 
The NEOM Green Hydrogen Project (NEOM) 
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ACWA Power to Lead Saudi Arabia’s Green Hydrogen Export Drive

The NEOM Green Hydrogen Project (NEOM) 
The NEOM Green Hydrogen Project (NEOM) 

Saudi Arabia is opening a new chapter in its energy export strategy by entrusting ACWA Power with exporting green hydrogen and its derivatives, while also tasking the company with developing projects to generate, transmit and export renewable electricity, including interconnection links with Europe and the Arab world.

The move reinforces the Kingdom’s strategy of expanding its presence in low-carbon energy markets, building on major investments in renewable energy and clean fuels, led by the NEOM Green Hydrogen Project, one of the world’s largest of its kind and a cornerstone of Saudi Arabia’s future export ambitions.

According to a filing by ACWA Power with the Saudi Exchange (Tadawul), the government has granted the company exclusive rights to export green hydrogen and its derivatives, including green ammonia, green methanol, green methane and other fuels produced using green hydrogen.

Fuad Al-Zayer, an energy adviser and former head of the information department at the Organization of the Petroleum Exporting Countries (OPEC), said ACWA Power was a natural choice given its scale and market position. He noted that the company has more than $124 billion in assets, nearly 98 gigawatts of generation capacity—including over 52 GW from renewable sources—and projects in 15 countries.

Al-Zayer told Asharq Al-Awsat that the decision strengthens the company’s position in the green hydrogen sector, which Saudi Arabia sees as a key pillar of the global transition to clean energy. He added that the Kingdom’s abundant solar and wind resources make renewable energy and green hydrogen economically competitive, supporting Vision 2030’s target of raising renewables’ share of electricity generation to around 50 percent by the end of the decade.

The NEOM Green Hydrogen Project is expected to produce about 600 tons of green hydrogen a day in the form of green ammonia once fully operational, with the first export shipments anticipated in 2027.

Al-Zayer said Europe is expected to be the primary market as it seeks secure low-carbon energy supplies. He added that Saudi Arabia’s strategic location and its large-scale projects in the Kingdom’s northwest give it a competitive advantage in serving European markets. Partnerships with countries including Italy, France and South Korea are also helping develop the supply chains and infrastructure needed to expand the global green hydrogen trade.

Despite the sector’s rapid growth, he said continued investment in transport, storage, electrolysis facilities, water supply and logistics will be essential to support production and exports. Over the next decade, exports of renewable electricity and green hydrogen are expected to transform Saudi Arabia into a reliable supplier of multiple forms of energy while reducing domestic crude oil consumption for power generation, freeing up larger volumes for export and creating new sources of economic growth.