Arab News, Tue, May 28, 2024 | Dhu al-Qadah 20, 1445
Saudi Arabia’s Sports Boulevard doubles its existing investment fund to $533m
Saudi Arabia:
Private sector participation in the Sports Boulevard project is set to increase
as the foundation behind Riyadh’s largest linear park plans to double its
investment fund to SR2 billion ($533 million).
In a press release, the Sports Boulevard
Foundation announced its partnership with Ajdan Real Estate Development Co. and
Albilad Capital to add an additional SR1 billion to the private real estate
investment fund “Sports Boulevard Real Estate Fund 1.”
This increased funding will be utilized to bolster
private sector participation within the Arts District, one of the destinations
within the Sports Boulevard project.
The Sports Boulevard Development Co. will continue
to hold the majority of units in the fund, while Ajdan Real Estate Development
Co. will serve as a developer and primary investor, and Albilad Capital will act
as the fund manager.
This partnership underscores the collaborative
effort behind the expansion, signifying a strategic alliance aimed at creating a
vibrant urban space that enhances Riyadh’s cultural and economic landscape.
The project aims to develop a mixed-use lifestyle
destination consisting of residential, retail, office, and entertainment
components.
Covering a land area of over 39,000 sq. m. at the
heart of the Arts District, the total combined built-up site spans approximately
240,000 sq. m., boasting over 100,000 sq. m. of net leasable area.
The design of this destination draws inspiration
from the Sports Boulevard Design Code, influenced by the Salmani Architectural
Style. This ensures a dynamic and immersive lifestyle experience for both
residents and visitors.
Situated at the intersection of Prince Mohammed
bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, it
offers expansive public spaces, recreational areas, and cycling-friendly
tracks.
Covering an area of 184,000 sq. m., the project
extends beyond private development parcels, providing ample space for
recreational activities and pedestrian-friendly pathways, efficiently linked to
the promenade and cycling bridge.
Sports Boulevard, a mega project launched by King
Salman bin Abdulaziz in 2019, and supported by Crown Prince Mohammed bin Salman
bin Abdulaziz, spans over 135 km on Prince Mohammed bin Salman bin Abdulaziz
Road.
It features safe green pathways for pedestrians,
cyclists, athletes, and horse riders, connecting Wadi Hanifah in the west to
Wadi Al Sulai in the east.
Additionally, the project includes over 4.4
million sq. m. of greenery, open spaces, and up to 50 multidisciplinary sports
facilities. It also hosts several unique destinations and investment zones,
totaling an area exceeding 3 million sq. m.