RIYADH, 26 May 2024:
The "Sports Boulevard" Foundation has announced with Ajdan Real Estate Development Company and Albilad Capital to double the value of the private real estate investment fund, currently valued at SAR 1 billion, by an additional SAR 1 billion; bringing the total value of the fund to SAR 2 billion, that will be utilised to increase the private sector participation within the Arts District, one of the Sports Boulevard project destinations. The expansion reflects a successful partnership with Ajdan Real Estate Development Company.
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 signifies a strategic alliance aimed at creating a vibrant and dynamic urban space that enhances the cultural and economic landscape of Riyadh.
The project aims to develop a mixed-use lifestyle destination consisting of residential, retail, office, and entertainment components. Spanning over a land area of more than 39,000 sqm within the heart of the Arts District, the total combined built-up area (BUA) is approximately 240,000 sqm, with over 100,000 sqm of net leasable area (NLA).
The destination design style is driven by Sports Boulevard Design Code, which is inspired by Salmani Architectural Style. This spectacular destination promises a dynamic and immersive lifestyle experience for residents and visitors alike.
The Art District is 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, spanning an area of 184,000 sqm. Offering an enchanting public realm distinguished by its humanizing city directions such as recreational activities, spacious pedestrian spaces, and cycling-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 the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz on March 19th, 2019. Supported by HRH Prince Mohammed bin Salman bin Abdulaziz. The project extends for 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 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, totalling an area which exceeds 3 million square meters.
