More than 700 million SAR has been allocated to a real estate investment fund created by Sports Boulevard Development Company to finance key assets at Wadi Destination.
According to SPA, the company signed contracts with AlJazira Capital and Rikaz Real Estate to establish the fund. The investment will specifically finance a five-star hotel in the Hittin district at Wadi Destination.
The hotel will be developed on a land area of approximately 13,500 m², with a total built-up area of about 34,400 m². AlJazira Capital will serve as the fund manager, while Rikaz Real Estate will act as the developer and investor.
Jayne McGivern, Director General of Sports Boulevard Foundation, stated that the fund strengthens the project’s investment and development strategy. The initiative is part of partnerships with the private sector to realize infrastructure and assets, contributing to the Quality of Life Program and Saudi Vision 2030 by creating investment opportunities and an integrated urban environment.
What is the purpose and value of the new real estate fund? The real estate investment fund created by Sports Boulevard Development Company is valued at more than 700 million SAR. Its primary purpose is to finance key assets located at Wadi Destination, specifically focusing on the development of a five-star hotel in the Hittin district.
Who are the partners involved in the fund and what are their roles? The fund involves a partnership between Sports Boulevard Development Company, AlJazira Capital, and Rikaz Real Estate. In this arrangement, AlJazira Capital serves as the fund manager, while Rikaz Real Estate takes on the roles of both developer and investor.
What are the physical specifications of the planned hotel project? The five-star hotel at Wadi Destination will be constructed on a plot of land measuring approximately 13,500 m². The project is designed to have a total built-up area of approximately 34,400 m².
How does this fund align with broader Saudi objectives? The fund aligns with Saudi Vision 2030 and the Quality of Life Program by creating new investment opportunities. It aims to develop an integrated urban environment and strengthen the investment strategy of the Sports Boulevard project through private sector partnerships.