Sports Boulevard Launches SAR 700M Real Estate Fund

RIYADH — The Sports Boulevard Development Company announced today the signing of contracts for a new real estate investment fund with Al Jazira Capital and Rekaz Real Estate, with a total value exceeding SAR 700 million, aimed at developing key assets within the Wadi Destination.

The fund will focus on the development of a five-star hotel in the Wadi Destination in the Hittin district, in partnership with Al Jazira Capital as fund manager and Rekaz Real Estate as developer and investor. The project spans a land area of approximately 13,500 square meters, with a total built-up area of about 34,400 square meters, enhancing the hospitality and lifestyle sectors within the Sports Boulevard project.

Context and Background

The Sports Boulevard project is one of Riyadh’s major urban initiatives, designed to transform the city into a more livable and vibrant metropolis. Upon completion, it will extend over 135 kilometers, featuring a network of sports, environmental, and recreational destinations. This aligns with Saudi Vision 2030 and the Quality of Life Program, aiming to improve living standards, create investment opportunities, and foster an integrated urban environment.

The Wadi Destination, located in the Hittin district, stretches between Suwaid bin Harithah Street to the west and Al Rub’ Al Khali Street to the east. It is designed to offer integrated experiences combining sports, nature, entertainment, hospitality, and community activities, in line with the project’s urban code inspired by Salmani architecture principles, enhancing Riyadh’s urban identity.

Key Details

The new fund is part of a series of investment agreements launched by the Sports Boulevard Foundation, following the previous announcement of two real estate investment funds worth over SAR 5.5 billion in the Arts and Wadi destinations. With this latest signing, the total number of funds now stands at three, with a combined value exceeding SAR 6.2 billion. This reflects the Sports Boulevard’s commitment to enabling private sector participation, enhancing the investment environment, and supporting Riyadh’s transformation into one of the world’s most livable cities.

Jayne McGivern, CEO of the Sports Boulevard Foundation, emphasized that the establishment of the fund represents an important step in strengthening the investment and development strategy of the project. She noted that it reflects the partners’ confidence in the long-term value of the Sports Boulevard and the shared commitment to developing destinations that improve quality of life, support economic growth, and enhance Riyadh’s position as one of the best cities to live in globally.

The first phase of the Sports Boulevard was inaugurated in February 2025, marking a significant milestone with the opening of five key destinations: Wadi Hanifa, the Promenade, the Arts Tower, the Internal Path of Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park. These have contributed to improving quality of life and connecting the western and eastern parts of Riyadh.

Implications and Impact

This investment fund underscores the growing role of public-private partnerships in Saudi Arabia’s urban development. By attracting significant private capital, the project not only accelerates the development of world-class hospitality assets but also stimulates economic diversification. The five-star hotel in the Wadi Destination is expected to boost tourism and hospitality offerings in Riyadh, creating jobs and attracting international visitors. Moreover, the fund’s structure serves as a model for future collaborations, showcasing the Kingdom’s ability to mobilize private investment for large-scale infrastructure and lifestyle projects.

Regionally, the development reinforces Riyadh’s position as a leading destination for business and leisure, aligning with broader efforts to enhance the city’s global competitiveness. The integration of sports, nature, and hospitality within the Wadi Destination reflects a holistic approach to urban planning that prioritizes well-being and sustainability, setting a benchmark for other cities in the region.

Vision 2030 Alignment

This initiative is a direct contributor to Saudi Vision 2030, particularly the Quality of Life Program, by enhancing urban livability, fostering economic growth, and promoting private sector engagement. The Sports Boulevard project, with its extensive network of destinations, embodies the Vision’s goal of creating vibrant communities and diversifying the economy away from oil. As Riyadh continues to evolve into a global metropolis, projects like this demonstrate the Kingdom’s commitment to sustainable development and improving the well-being of its citizens and residents.

20 Questions

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

A1. The fund has a total value exceeding SAR 700 million. It was signed with Al Jazira Capital and Rekaz Real Estate to develop key assets within the Wadi Destination, supporting hospitality and lifestyle sectors.

Q2. Who are the partners involved in this investment fund?

A2. The partners are Al Jazira Capital, serving as the fund manager, and Rekaz Real Estate, acting as the developer and one of the investors. The Sports Boulevard Development Company announced the partnership.

Q3. What specific asset will the fund develop?

A3. The fund will develop a five-star hotel within the Wadi Destination in the Hittin district of Riyadh. It aims to enhance the hospitality and lifestyle offerings within the larger Sports Boulevard project.

Q4. What is the size of the land area allocated for the hotel project?

A4. The land area is approximately 13,500 square meters. The total built-up area will reach about 34,400 square meters, allowing for substantial development of the five-star hotel and related facilities.

Q5. Where is the Wadi Destination located?

A5. The Wadi Destination is located in the Hittin district of Riyadh. It extends between Suwaid bin Harithah Street to the west and Al Rub’ Al Khali Street to the east.

Q6. What experiences does the Wadi Destination offer?

A6. The Wadi Destination offers integrated experiences combining sports, nature, entertainment, hospitality, and community activities. It is designed in line with the project’s urban code inspired by Salmani architecture principles.

Q7. How does this fund fit into the Sports Boulevard’s overall investment strategy?

A7. This fund is the third in a series of real estate investment funds launched by the Sports Boulevard Foundation. The total value of these funds now exceeds SAR 6.2 billion, reflecting a strong commitment to private sector participation.

Q8. What were the previous investment funds announced by the Sports Boulevard?

A8. Previously, two real estate investment funds were announced with a combined value exceeding SAR 5.5 billion. They were allocated to the Arts Destination and the Wadi Destination, focusing on developing assets in those areas.

Q9. What did Jayne McGivern, CEO of the Sports Boulevard Foundation, say about the fund?

A9. She stated that the fund represents an important step in enhancing the investment and development strategy. It reflects partners’ confidence in the long-term value and shared commitment to improving quality of life and economic growth.

Q10. When was the first phase of the Sports Boulevard inaugurated?

A10. The first phase was inaugurated in February 2025. It marked a significant milestone with the opening of five key destinations, including Wadi Hanifa, the Promenade, and the Arts Tower.

Q11. What are the five destinations opened in the first phase?

A11. The five destinations are Wadi Hanifa, the Promenade, the Arts Tower, the Internal Path of Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park.

Q12. How long will the Sports Boulevard be upon completion?

A12. Upon completion, the Sports Boulevard will extend over 135 kilometers. It will feature a connected network of sports, environmental, and recreational destinations across Riyadh.

Q13. How does the Sports Boulevard contribute to Riyadh’s livability?

A13. It enhances Riyadh’s urban environment by integrating sports, nature, and entertainment. This supports the goal of making Riyadh one of the world’s most livable cities, aligning with Vision 2030.

Q14. What is the significance of the public-private partnership in this project?

A14. The partnership enables private sector participation, attracts investment, and accelerates development. It serves as a model for future collaborations, showcasing the Kingdom’s ability to mobilize private capital for large projects.

Q15. How does the fund support Saudi Vision 2030?

A15. The fund supports Vision 2030 by enhancing quality of life, creating investment opportunities, and promoting economic diversification. It aligns with the Quality of Life Program and urban development goals.

Q16. What economic benefits are expected from the five-star hotel?

A16. The hotel is expected to boost tourism and hospitality in Riyadh, create jobs, and attract international visitors. It will also stimulate related sectors and contribute to economic growth.

Q17. What is the Salmani architecture, and how does it influence the project?

A17. Salmani architecture is a contemporary style inspired by Saudi heritage. The project’s urban code is derived from its principles, enhancing Riyadh’s urban identity and creating a unique sense of place.

Q18. How does the Wadi Destination connect different parts of Riyadh?

A18. The Wadi Destination, along with other Sports Boulevard destinations, helps link the western and eastern parts of Riyadh. This improves connectivity and promotes integrated urban development.

Q19. What role does the Sports Boulevard Foundation play in these investments?

A19. The Sports Boulevard Foundation initiates and oversees these investment agreements. It enables private sector participation and ensures alignment with the project’s strategic goals and Vision 2030.

Q20. What future developments can be expected from the Sports Boulevard project?

A20. The project will continue to develop destinations and assets across its 135-kilometer network. Further phases and investment funds are anticipated, contributing to Riyadh’s transformation into a global livable city.

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