Sports Boulevard Signs Contracts for SAR700 Million-Plus Urban Wadi Fund
- 3 hours ago
- 2 min read
RIYADH, August 10 (Saudi Arabia Breaking News) — Sports Boulevard Real Estate Development and Investment Company has signed contracts with Al Jazira Capital and Rikaz Properties to establish a real estate investment fund with a combined value of more than SAR700 million.
The fund will support the development of a luxury five-star hotel in Urban Wadi, located in Riyadh’s Hittin District. Rikaz Properties will serve as Developer and Investor, while Al Jazira Capital will act as Fund Manager.
The hotel will be developed on approximately 13,500 square meters of land and will have a gross floor area of around 34,400 square meters, expanding Urban Wadi’s hospitality and lifestyle offering.
The agreement brings the number of funds signed under the Sports Boulevard investment program to three, with a combined value exceeding SAR6.2 billion. It follows the announcement of a second real estate investment fund valued at more than SAR5.5 billion across the Arts District and Urban Wadi.
Sports Boulevard Foundation CEO Jayne McGivern said: “The establishment of the fund represents an important step in strengthening the project’s investment and development strategy. It reflects our partners’ confidence in the long-term value of the Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh’s position as one of the best cities in the world to live in.”
The new fund forms part of Sports Boulevard’s private-sector partnership model for developing assets and facilities across its destinations. The approach supports Saudi Vision 2030 and the Quality of Life Program through investment opportunities and the development of a more active and connected urban environment.
Urban Wadi extends through Hittin District from Suwaid bin Harthah Street in the west to A
r Rub Al-Khali Street in the east. The destination is designed to integrate sport, nature, entertainment, hospitality and community engagement.
Development within the destination follows the Sports Boulevard Code, an urban framework inspired by the principles of Salmani architecture and intended to establish an identity connected to Riyadh’s character.
Sports Boulevard is one of Riyadh’s mega projects and will extend for more than 135 kilometers upon completion through a network of sports, environmental and entertainment destinations.
Its first phase opened in February 2025 with five destinations: Wadi Hanifah, the Promenade, the Arts Tower area, the internal loop at Princess Nourah bint Abdulrahman University, and the first phase of Sands Sports Park.
Source: SPA
