Turki Al Al-Shikh, Chairman of the Board of Directors of the General Entertainment Authority (GEA) and Advisor to the Royal Court, announced the launch of the Boulevard Business Park project within Boulevard City, Riyadh, on August 29, 2023. This first phase of a comprehensive urban redevelopment and reorganization plan for the Boulevard District is undertaken in partnership with the private sector, with investments exceeding SAR1 billion.
Context and Background
The Boulevard Business Park project is a key initiative under the Saudi Vision 2030, aiming to transform Riyadh into a global hub for creativity and business. The project is set to redesign and reorganize the Boulevard District, creating a cohesive urban fabric that connects all areas through new pathways, increased green spaces, and enhanced infrastructure. It aligns with the Kingdom’s broader strategy to diversify its economy and foster innovation through robust public-private partnerships.
Key Features and Development Details
The project consists of nine office buildings featuring commercial outlets overlooking the Boulevard City fountain. The first phase includes a creative work resort designed to serve global and national companies specializing in creativity and the arts. The development will offer over 60,000 square meters of rental space, including office headquarters, co-working areas, retail shops, concept stores for international brands, an outdoor art gallery, a sports club, a spa, an infinity pool, hanging gardens, and more than 1,300 dedicated parking spaces.
Partnership and Investment
Sela, the managing company, adopted the initiative in collaboration with REQ Real Estate Fund – Saudi Fransi Capital and Hilal Real Estate Development Company. Dr. Rakan Al-Harthy, Managing Director of Sela, emphasized that the project represents a model for achieving Saudi Vision 2030 goals through private sector partnerships. Turki Al Al-Shikh highlighted that the project fosters growth and sustainability by creating jobs and developing an innovative urban environment that blends creativity and work enjoyment to improve quality of life.
Implications and Impact
The Boulevard Business Park is expected to attract entrepreneurs and national companies specializing in creative industries, enhancing Riyadh’s status as a leading business and entertainment destination. By increasing parking capacity and connecting the district to major roads and public transportation networks, the project aims to facilitate visitor and worker access, boosting local economic activity. This development underscores Saudi Arabia’s commitment to improving urban living standards and supporting the creative sector’s expansion.
Vision 2030 Alignment
The Boulevard Business Park project directly supports Saudi Vision 2030’s goals of economic diversification, job creation, and improved quality of life. By establishing a new real-estate product tailored to the creative job market, the initiative contributes to the Kingdom’s long-term vision of a vibrant society and a thriving economy. As Riyadh continues to evolve, such projects demonstrate Saudi Arabia’s proactive approach to fostering innovation and global partnerships.
20 Questions
Q1. Who announced the launch of the Boulevard Business Park project?
A1. Turki Al Al-Shikh, Chairman of the Board of Directors of the General Entertainment Authority (GEA) and Advisor to the Royal Court, announced the launch of the project.
Q2. When was the Boulevard Business Park project announced?
A2. The project was announced on August 29, 2023, according to the Saudi Press Agency.
Q3. Where is the Boulevard Business Park project located?
A3. The project is located within the Boulevard City area in Riyadh, as part of the Boulevard District redevelopment.
Q4. What is the investment value of the project?
A4. The project involves investments exceeding SAR1 billion (Saudi Riyals), funded through private sector partnerships.
Q5. What is the main objective of the Boulevard Business Park project?
A5. The project aims to create a creative destination supporting Saudi Vision 2030 goals, enabling entrepreneurs and national companies in creative industries.
Q6. Who are the key partners in this project?
A6. The partners include Sela, REQ Real Estate Fund – Saudi Fransi Capital, and Hilal Real Estate Development Company.
Q7. How does the project support urban development in Riyadh?
A7. It redesigns and reorganizes the Boulevard District, creating new urban pathways, increasing green spaces, and connecting with adjacent projects like the sports track.
Q8. What will the project include in terms of facilities?
A8. It will include office buildings, co-working spaces, retail shops, concept stores, an outdoor art gallery, a sports club, a spa, an infinity pool, and hanging gardens.
Q9. How much rental space will the project offer?
A9. The project will offer over 60,000 square meters of rental space for businesses and creative enterprises.
Q10. Will parking be available for visitors?
A10. Yes, the project includes more than 1,300 dedicated parking spaces to accommodate visitors and workers.
Q11. How does the project improve transportation access?
A11. It enhances parking capacity and connects the district to major roads and public transportation networks for easier access.
Q12. What types of companies are targeted for the project?
A12. The project targets global and national companies specializing in creativity and the arts, as well as entrepreneurs.
Q13. How does the project align with Saudi Vision 2030?
A13. It supports economic diversification, job creation, and quality of life improvement, aligning with Vision 2030’s goals.
Q14. Who is Dr. Rakan Al-Harthy, and what is his role?
A14. Dr. Rakan Al-Harthy is the Managing Director of Sela, the company that adopted the initiative for the project.
Q15. What is the first phase of the project focused on?
A15. The first phase features a creative work resort tailored to serve companies in creativity and the arts.
Q16. How many office buildings are part of the project?
A16. The project consists of nine office buildings with commercial outlets overlooking the Boulevard City fountain.
Q17. What is the significance of the project for the private sector?
A17. The project exemplifies a model for achieving Vision 2030 through private sector partnerships, fostering collaboration and innovation.
Q18. How does the project contribute to job creation?
A18. It fosters growth and sustainability by creating new jobs in the creative and business sectors, improving the local economy.
Q19. What unique features does the project offer for quality of life?
A19. It blends creativity and work enjoyment with facilities like hanging gardens, a spa, and an infinity pool to improve quality of life.
Q20. How does the project support the creative sector in Saudi Arabia?
A20. It introduces a new real-estate product tailored to the evolving creative job market, supporting the sector’s growth in the Kingdom.
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