Funding will boost private sector engagement in the Arts District, a notable area within the Sports Boulevard project
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 “Sports Boulevard Real Estate Fund 1”, 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 continue to be the significant 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 is not just a collaboration, but a strategic alliance aimed at creating a vibrant and dynamic urban space that will significantly enhance Riyadh’s cultural and economic landscape. This exciting vision is what drives us forward.
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 combined built-up area (BUA) is approximately 240,000 sqm, with over 100,000 sqm of net leasable area (NLA).
The Sports Boulevard Design Code drives the destination design style, which Salmani Architectural Style inspires. This spectacular destination promises a dynamic and immersive lifestyle experience for residents and visitors alike.
The Art District is located at Prince Mohammed bin Salman bin Abdulaziz Road intersection with Prince Turki bin Abdulaziz Al Awwal Road. The project extends beyond the private development parcels, spanning an area of 184,000 sqm. It offers an enchanting public realm distinguished by its humanising city directions, such as recreational activities, spacious pedestrian spaces, and cycling-friendly tracks. Utilising efficient mobility, it is 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 and supported by HRH Prince Mohammed bin Salman bin Abdulaziz. The project extends 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, 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.