$930mn fund to drive Urban Wadi development
This partnership model is set to attract FDI enhancing Riyadh’s position as a global destination for attracting investment and urban development
The Sports Boulevard Foundation has signed an agreement with Riyadh Development Company, FTG Development, and Jadwa Investment Company to set up a US $930mn mixed-use private real estate development fund. The fund will help the development of the private plots within Urban Wadi, one of Sports Boulevard’s destinations.
This marks the second investment fund launched by Sports Boulevard, following the announcement of the real estate investment fund within the Promenade destination. This fund represents a unique partnership model between the public and private sectors. It is also set to attract Foreign Direct Investments, thereby enhancing Riyadh’s position as a global destination for attracting investment and urban development.
Structured as a private closed-ended fund, Sports Boulevard Development Company will be the majority unit-holder, while Riyadh Development Company and FTG Development will serve as both co-investors and developers. Jadwa Investment Company will manage the fund.
Located in one of Riyadh’s prime areas, the Urban Wadi High Rises development will have a total gross floor area (GFA) exceeding 207,000sqm, and the project will adhere to the Sports Boulevard Design Code, inspired by the principles of Salmani architecture. This landmark development underscores Sports Boulevard’s commitment to fostering world-class urban environments, while driving investment and economic growth in Riyadh.
Jayne McGivern, CEO of the Sports Boulevard Foundation said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development. I’m delighted to welcome inward investment into Sports Boulevard. 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 cities in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.”
“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community. This includes creating new job opportunities and enabling the city’s residents to adopt a lifestyle based on making healthier and more sustainable choices. I’m confident that our partnership will contribute to reshaping the general landscape in Riyadh.”
Jehad Alkadi, CEO of Riyadh Development Company commented, “We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh. It will also play a major role in supporting the kingdom’s efforts to achieve the goals of Saudi Vision 2030.”
Urban Wadi will be home to a low-flow water canal surrounded by lush greenery. The water canal is constantly recirculated, used in fountains, and for the natural cooling of the destination. It also includes pathways for pedestrians and cyclists, bridges, a large shading structure of 10,000sqm with shops and restaurants, play areas for kids, a kayaking zone, multiple sports courts, and event spaces.
The Sports Boulevard project extends for 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, and athletes. The project includes more than 4.4m sqm of greenery and open spaces, with 50 multidisciplinary sports facilities. In addition, there are several unique destinations and investment zones, within a total area that exceeds 3m sqm.
