The Sports Boulevard Foundation (SBF) has partnered with Ajdan Real Estate Development Company and Albilad Capital to create a SAR 1 billion private mixed-use real estate fund for the development of private plots within the Arts District, a part of the larger Sports Boulevard project. The fund will be managed by Albilad Capital, with the Sports Boulevard Development Company as the primary unitholder and Ajdan Real Estate Development Company as a developer and co-investor.
This initiative aims to develop diverse residential, retail, office, and entertainment spaces, covering a 20,000 sqm area on Prince Mohammed bin Salman Road, with a total built-up area exceeding 120,000 sqm. The project will provide approximately 60,000 sqm of gross leasable areas, enhancing the overall experience for residents and visitors.
Jayne McGivern, CEO of the Sports Boulevard Foundation, expressed enthusiasm about this partnership, emphasizing its positive impact on Riyadh's urban development and alignment with Saudi Vision 2030 goals.
Eng. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, highlighted the significance of the fund in supporting Sports Boulevard's mission and Saudi Vision 2030 objectives.
Mr. Zaid Almufarih, CEO of Albilad Capital, underscored the project's role in Riyadh's transformation and its alignment with the Quality of Life goals.
The Arts District, situated at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, spans an area of 184,000 sqm and offers a vibrant public realm with recreational activities and cyclist-friendly paths.
The Sports Boulevard is a major project in Riyadh, launched by King Salman bin Abdulaziz and supported by HRH Prince Mohammed bin Salman bin Abdulaziz. It covers over 135km of green pathways, sports facilities, and open spaces, contributing to the city's development.