Riyadh, December 20, 2023, In a groundbreaking private sector partnership, the Sports Boulevard Foundation (SBF) has signed an agreement with Ajdan Real Estate Development Company and Albilad Capital to establish a private mixed-use real estate fund valued at SAR 1 billion. This fund is dedicated to developing private plots within the Arts District, one of the eight districts of the Sports Boulevard project.
Structured as a private closed-ended real investment estate fund, the collaboration involves key stakeholders such as the Sports Boulevard Development Company as the major unitholder, Ajdan Real Estate Development Company as a developer and co-investor, and Albilad Capital as the fund manager.
The project aims to create a diverse range of residential, retail, office, and entertainment spaces within a 20,000 sqm area in the Arts District. The built-up area (BUA) is expected to exceed 120,000 sqm, with approximately 60,000 sqm of gross leasable areas. The development will adhere to the Sports Boulevard’s Design Code, inspired by Salmani principles, promising a dynamic and immersive experience for occupants and visitors.
Jayne McGivern, CEO of the Sports Boulevard Foundation, expressed excitement about the strategic partnership and its impact on Riyadh's urban development. The collaboration is aligned with the Kingdom's ambitious Saudi Vision 2030 goals and aims to contribute to the transformation of Riyadh into one of the world's most liveable cities.
Eng. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, emphasized the significance of the real estate fund in supporting Sports Boulevard's mission to provide world-class facilities to the people of Riyadh and contribute to the objectives of Saudi Vision 2030.
Mr. Zaid Almufarih, CEO of Albilad Capital, highlighted the importance of the new fund in Riyadh's transformation, aligning with Saudi Vision 2030 and Quality of Life goals. The partnership aims to turn the vision into reality, contributing to the city's development as a top-tier global destination.
Located at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road with Prince Turki bin Abdulaziz Al Awwal Road, the Arts District extends beyond private development parcels, covering an area of 184,000 sqm. It will feature pedestrian-friendly paths, cyclist trails, and recreational activities, contributing to efficient mobility and enhancing the public realm.
The Sports Boulevard project, launched by King Salman bin Abdulaziz in 2019 and supported by HRH Prince Mohammed bin Salman bin Abdulaziz, spans over 135 km and includes green pathways, open spaces, and numerous sports facilities. The collaboration between the Sports Boulevard Foundation, Ajdan, and Albilad Capital represents a significant step toward achieving Riyadh's urban development and sustainability goals.
