King Salman Park Awards $850 Million Development Contract at MIPIM 2026
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Riyadh, March 11, 2026 (Saudi Arabia Breaking News) — The King Salman Park Foundation announced the awarding of its fourth investment package to a consortium led by Retal Urban Development Company during the MIPIM 2026 in Cannes.
The project, valued at more than SAR3.2 billion ($850 million), will focus on a mixed-use residential development within the cultural district of King Salman Park and will be supported by an investment fund managed by SAB Invest.
The development will include over 600 residential units, more than 140 hotel rooms, and approximately 50,000 square meters of office and commercial space, along with restaurants and cafés.
The site is located near key cultural landmarks, including the Royal Arts Complex, and is intended to form part of the park’s broader cultural and lifestyle ecosystem.
The foundation also announced plans to launch additional investment packages worth more than SAR14.2 billion ($3.8 billion), bringing the total value of agreements signed to date to over SAR20 billion ($5.3 billion) across five main development packages.
Officials said 93% of infrastructure packages for King Salman Park have already been awarded, with upcoming opportunities expected to include a championship golf community, tower developments and metro-integrated neighborhoods designed under a 15-minute city model.
Retal said the project reflects the growing maturity of the Kingdom’s real estate investment market and the role of culture-driven mixed-use developments in supporting long-term urban growth.
