The Sports Boulevard Foundation (SBF) has initiated its first private sector collaboration, signing an agreement with Ajdan Real Estate Development Company and Albilad Capital to establish a private mixed-use real estate fund valued at SR1 billion.
This fund is allocated for developing private plots within the Arts District, one of the eight districts in the Sports Boulevard project.
The project aims to create diverse residential, retail, office, and entertainment spaces across a 20,000 sqm area within the Sports Boulevard on Prince Mohammed bin Salman Road. The development’s built-up area (BUA) is expected to surpass 120,000 sqm, with approximately 60,000 sqm designated for gross leasable areas, offering a vibrant experience for occupants and visitors.
Within the Arts District, situated at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the project expands over 184,000 sqm. It aims to provide an engaging public realm with recreational activities, pedestrian-friendly paths, cycling trails, artworks, and connections to the Promenade and cycling bridge.
The collaboration introduces a private, closed-ended real estate investment fund managed by Albilad Capital. Notable stakeholders include the Sports Boulevard Development Company as the major unitholder, Ajdan Real Estate Development Company as a developer and co-investor, and Albilad Capital as the fund manager.
“From job creation to enabling the city’s residents to make healthier and more sustainable lifestyle choices, our partnership will positively impact every aspect of society,” said Jayne McGivern, CEO of the Sports Boulevard Foundation. “It will truly support 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.”
The Sports Boulevard, a Riyadh mega-project launched by King Salman bin Abdulaziz on March 19, 2019, supported by HRH Prince Mohammed bin Salman bin Abdulaziz, spans over 135km. The project facilitates green pathways, catering to pedestrians, cyclists, athletes, and horse riders, connecting Wadi Hanifah in the West to Wadi Al Sulai in the East. It encompasses 4.4 million square meters of greenery, open spaces, and up to 50 sports facilities across disciplines.
