The Sports Boulevard Foundation has signed an agreement with several companies to establish a mixed-use private real estate development fund worth over SAR 3.5 billion. The fund will develop private plots within the Urban Wadi destination, part of the larger Sports Boulevard project in Riyadh, according to a press release.
This marks the second investment fund launched by Sports Boulevard, following the earlier real estate fund for the Promenade destination. The initiative represents a partnership between the public and private sectors and aims to attract foreign direct investments to strengthen Riyadh’s position as a global hub for urban development.
Structured as a private closed-ended fund, the Sports Boulevard Development Company will hold most units, while partnering companies will act as co-investors and developers. The Urban Wadi High Rises project in a prime Riyadh location will feature a gross floor area exceeding 207,000 square meters across 40,000 square meters of land. It will adhere to the Sports Boulevard Design Code inspired by Salmani architecture.
Jayne McGivern, CEO of the Sports Boulevard Foundation, emphasized the significance of the initiative: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.”
She added that the partnership will provide the Urban Wadi destination with world-class facilities, generate job opportunities, and promote a healthier and more sustainable lifestyle for Riyadh’s residents.
Urban Wadi, part of the Sports Boulevard project, spans 4.5 kilometres from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east. The destination features a low-flow water canal with recirculated water for fountains and cooling, pedestrian and cycling pathways, sports courts, a kayaking zone, event spaces, and shaded play areas.
The Sports Boulevard project stretches over 135 kilometres along Prince Mohammed bin Salman Road, connecting Wadi Hanifah in the west to Wadi Al Sulai in the east. It includes 4.4 million square meters of greenery, up to 50 sports facilities, and several investment zones totalling over 3 million square meters.
