Sports Boulevard Foundation, together with Ajdan Real Estate Development Company and Albilad Capital, has announced the doubling of the private real estate investment fund for the Arts District from SAR1 billion to SAR2 billion. The decision, revealed in a press release today, aims to enhance private sector participation in one of the key destinations of the Sports Boulevard project in Riyadh.
Context and Background
The Sports Boulevard is a mega project launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019. It spans over 135 kilometers along Prince Mohammed bin Salman bin Abdulaziz Road, connecting Wadi Hanifah in the west to Wadi Al Sulai in the east. The project includes more than 4.4 million square meters of greenery and open spaces, up to 50 multidisciplinary sports facilities, and several unique destinations and investment zones totaling over 3 million square meters.
Key Details
The expansion of the fund will be used to increase private sector participation in the Arts District, a mixed-use lifestyle destination comprising residential, retail, office, and entertainment components. The district spans a land area of more than 39,000 square meters, with a total built-up area of approximately 240,000 square meters and over 100,000 square meters of net leasable area. The design follows the Sports Boulevard Design Code, inspired by the Salmani Architectural Style.
The Sports Boulevard Development Company will remain the major unitholder in the fund, with Ajdan Real Estate Development Company serving as developer and primary investor, while Albilad Capital acts as fund manager. This partnership underscores a strategic alliance aimed at creating a vibrant and dynamic urban space.
Implications and Impact
The doubling of the fund signals increased confidence in Riyadh’s real estate market and the Sports Boulevard’s vision. By boosting private sector involvement, the project aims to accelerate development and enhance the cultural and economic landscape of the capital. The destination also includes a public realm spanning 184,000 square meters, featuring recreational activities, pedestrian spaces, and bike-friendly tracks, seamlessly connected to the Promenade and cycling bridge.
Vision 2030 Alignment
This initiative directly supports Saudi Arabia’s Vision 2030 goals of economic diversification, improved quality of life, and sustainable urban development. By fostering public-private partnerships and creating world-class lifestyle destinations, the Sports Boulevard contributes to Riyadh’s transformation into a global metropolis and enhances the Kingdom’s attractiveness for investment and tourism.
20 Questions
Q1. What is the new value of the private real estate investment fund for the Arts District?
A1. The fund has been doubled from SAR1 billion to SAR2 billion, as announced by the Sports Boulevard Foundation. This increase will boost private sector participation in the Arts District development.
Q2. Who are the key partners in this fund?
A2. The Sports Boulevard Development Company remains the major unitholder, with Ajdan Real Estate Development Company as developer and primary investor, and Albilad Capital as fund manager.
Q3. What is the Arts District?
A3. The Arts District is a destination within the Sports Boulevard project, designed as a mixed-use lifestyle area with residential, retail, office, and entertainment components.
Q4. Where is the Arts District located?
A4. It is located in the heart of Riyadh, within the Sports Boulevard project, which spans over 135 kilometers along Prince Mohammed bin Salman bin Abdulaziz Road.
Q5. How large is the Arts District land area?
A5. The Arts District covers more than 39,000 square meters, with a total built-up area of approximately 240,000 square meters and over 100,000 square meters of net leasable area.
Q6. What design style is used for the Arts District?
A6. The design follows the Sports Boulevard Design Code, inspired by the Salmani Architectural Style, which reflects modern Saudi aesthetics and heritage.
Q7. What is the total public realm area of the project?
A7. Beyond private parcels, the public realm spans 184,000 square meters, featuring recreational activities, pedestrian spaces, and bike-friendly tracks.
Q8. How does the Arts District connect to other parts of the Sports Boulevard?
A8. It is seamlessly connected to the Promenade and cycling bridge, ensuring efficient mobility and integration with the broader network of pathways.
Q9. When was the Sports Boulevard launched?
A9. The Sports Boulevard was launched on March 19, 2019, by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.
Q10. What is the total length of the Sports Boulevard?
A10. The project extends for more than 135 kilometers, connecting Wadi Hanifah in the west to Wadi Al Sulai in the east.
Q11. How much greenery does the Sports Boulevard include?
A11. The project includes more than 4.4 million square meters of greenery and open spaces, enhancing the environment and quality of life.
Q12. How many sports facilities are planned?
A12. Up to 50 multidisciplinary sports facilities are included, catering to a wide range of athletic activities for residents and visitors.
Q13. What is the purpose of doubling the fund?
A13. The doubling aims to increase private sector participation in the Arts District, accelerating development and ensuring a vibrant urban environment.
Q14. Who is the fund manager?
A14. Albilad Capital serves as the fund manager, overseeing the investment vehicle and ensuring proper governance.
Q15. What is the role of Ajdan Real Estate Development Company?
A15. Ajdan Real Estate Development Company acts as the developer and primary investor, contributing expertise and capital to the project.
Q16. How does this project align with Vision 2030?
A16. It supports Vision 2030 by fostering economic diversification, improving quality of life, and promoting sustainable urban development through public-private partnerships.
Q17. What are the main components of the Arts District?
A17. The district includes residential, retail, office, and entertainment components, creating a mixed-use destination that attracts residents and tourists.
Q18. How will the public benefit from the Arts District?
A18. The public will enjoy a dynamic lifestyle experience with recreational spaces, pedestrian-friendly areas, and bike tracks, enhancing overall well-being.
Q19. What is the significance of the Salmani Architectural Style?
A19. The Salmani style reflects modern Saudi design principles, combining cultural heritage with contemporary aesthetics, as seen in the Arts District.
Q20. What is the expected impact on Riyadh’s economy?
A20. The project is expected to boost Riyadh’s economy by attracting investment, creating jobs, and establishing a new cultural and entertainment hub.
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