Sports Boulevard Foundation Launches SAR3.5 Billion Fund for Urban Wadi High-Rises

The Sports Boulevard Foundation has officially signed an agreement to establish a second mixed-use private real estate development fund valued at over SAR3.5 billion for the development of private plots within the Urban Wadi destination in Riyadh. This significant investment was announced on December 17, 2024, according to a press release from the foundation, marking a continued effort to attract private capital and enhance urban development in the Saudi capital.

Context and Background

This new fund is the second investment vehicle launched by the Sports Boulevard Foundation, following an earlier real estate investment fund for the Promenade destination. Structured as a private closed-ended fund, the Sports Boulevard Development Company will serve as the majority unitholder, while partnering companies will act as both co-investors and developers. This model represents a unique partnership between the public and private sectors, designed to attract foreign direct investments and strengthen Riyadh’s position as a global hub for investment and modern urban development.

Key Details of the Urban Wadi High-Rises Development

Located in one of Riyadh’s most prime areas, the Urban Wadi High-Rises development will offer a dynamic and immersive experience for both occupants and visitors. The project boasts a total gross floor area exceeding 207,000 square meters and spans over a land area of approximately 40,000 square meters. The development will adhere to the Sports Boulevard Design Code, inspired by the principles of Salmani architecture, underscoring the foundation’s commitment to world-class urban environments. Urban Wadi itself covers 4.5 kilometers, from Suwaid bin Harthah Street to Ar Rub Al-Khali Street, and will feature a low-flow water canal surrounded by lush greenery, pathways, bridges, shaded play areas, a kayaking zone, sports courts, and event spaces.

Implications and Impact

The fund is expected to drive economic growth in Riyadh by creating new job opportunities and enabling residents to adopt healthier, more sustainable lifestyles. CEO of the Sports Boulevard Foundation, Jayne McGivern, stated: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development. I am 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.” She added that the partnership will “contribute to reshaping the general landscape in Riyadh” by providing world-class facilities that positively impact the community.

Vision 2030 Alignment

The Sports Boulevard project, one of Riyadh’s mega projects launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, stretches over 135 kilometers along Prince Mohammed bin Salman bin Abdulaziz Road. With over 4.4 million square meters of greenery and open spaces, and 50 multidisciplinary sports facilities, it directly supports Saudi Vision 2030’s goals of improving quality of life, promoting sustainability, and diversifying the economy. This latest investment fund marks another step toward transforming Riyadh into one of the world’s leading cities, showcasing Saudi Arabia’s commitment to innovative public-private partnerships and long-term urban development.

20 Questions

Q1. What is the value of the new real estate investment fund announced by the Sports Boulevard Foundation?

A1. The fund is worth over SAR3.5 billion, as announced by the Sports Boulevard Foundation in a press release on December 17, 2024, for the development of private plots within the Urban Wadi destination.

Q2. How many investment funds has the Sports Boulevard Foundation launched so far?

A2. This is the second investment fund launched by the Sports Boulevard Foundation, following a previous fund for the Promenade destination, demonstrating continued private sector engagement.

Q3. What type of fund structure has been established for this project?

A3. The fund is structured as a private closed-ended fund, with the Sports Boulevard Development Company acting as the majority unitholder and partner companies as co-investors and developers.

Q4. Who is the CEO of the Sports Boulevard Foundation?

A4. The CEO of the Sports Boulevard Foundation is Jayne McGivern, who welcomed the inward investment and highlighted the fund’s role in improving quality of life in Riyadh.

Q5. What is the total gross floor area (GFA) of the Urban Wadi High-Rises development?

A5. The Urban Wadi High-Rises development has a total gross floor area (GFA) exceeding 207,000 square meters, spread over a land area of approximately 40,000 square meters.

Q6. What architectural principles will guide the Urban Wadi High-Rises development?

A6. The development will adhere to the Sports Boulevard Design Code, which is inspired by the principles of Salmani architecture, ensuring a distinctive and cohesive aesthetic.

Q7. How long is the Urban Wadi destination within the Sports Boulevard project?

A7. The Urban Wadi destination covers a distance of 4.5 kilometers, stretching from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east.

Q8. What unique water feature will be included in the Urban Wadi destination?

A8. The Urban Wadi will feature a low-flow water canal that is constantly recirculated, used in fountains, and for natural cooling of the destination, surrounded by lush greenery.

Q9. What recreational amenities are planned for the Urban Wadi destination?

A9. Amenities include pathways for pedestrians and cyclists, bridges, a 10,000 square meter shading structure with shops and restaurants, shaded play areas, a kayaking zone, sports courts, and event spaces.

Q10. How long is the entire Sports Boulevard project in Riyadh?

A10. The Sports Boulevard project extends for more than 135 kilometers along Prince Mohammed bin Salman bin Abdulaziz Road, connecting Wadi Hanifah in the west with Wadi Al Sulai in the east.

Q11. How much green and open space does the Sports Boulevard project include?

A11. The project includes more than 4.4 million square meters of greenery and open spaces, along with up to 50 multidisciplinary sports facilities.

Q12. Who launched the Sports Boulevard mega project in Riyadh?

A12. The Sports Boulevard was launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019, and is chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud.

Q13. What is the primary purpose of the real estate investment fund for Urban Wadi?

A13. The fund is designed to attract private sector and foreign direct investments to develop private plots within Urban Wadi, enhancing Riyadh’s position as a global destination for urban investment.

Q14. How does this fund relate to Saudi Vision 2030?

A14. The fund directly supports Vision 2030 by improving quality of life, promoting healthier lifestyles, attracting investment, and fostering economic diversification through public-private partnerships.

Q15. What role do partner companies play in this investment fund?

A15. Partner companies serve as co-investors and developers of the private plots, working alongside the Sports Boulevard Development Company to execute the Urban Wadi High-Rises project.

Q16. What is the significance of the fund being a private closed-ended structure?

A16. A closed-ended fund provides stability for long-term development projects, allowing investors to commit capital without early redemptions, which is ideal for large-scale urban developments.

Q17. How will the Urban Wadi High-Rises development impact Riyadh’s community?

A17. The development will create new job opportunities, provide world-class facilities, and encourage residents to adopt healthier, more sustainable lifestyles, positively impacting the community.

Q18. What is the total area of investment zones and destinations within the Sports Boulevard project?

A18. The project includes several unique destinations and investment zones totaling an area exceeding 3 million square meters, offering diverse opportunities for development.

Q19. How does the Urban Wadi destination contribute to Sports Boulevard’s overall vision?

A19. Urban Wadi is one of the unique destinations that combines nature, recreation, and urban living, aligning with Sports Boulevard’s goal of creating integrated, world-class environments for residents and visitors.

Q20. What makes this second fund a unique partnership model?

A20. It represents a unique public-private partnership where the foundation’s development company holds a majority stake while private firms co-invest, attracting foreign capital and enhancing urban development in Riyadh.

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