PIF from Saudi Arabia establishes a company that intends to enter the space sector

RIYADH: Private sector participation in the Sports Boulevard project is set to increase as the foundations of Riyad’s largest linear park plan to double its investment fund to SR2 billion ($533 million).

In a press release, the Sports Boulevard Foundation announced cooperation with Ajdan Real Estate Development Co. and Albilad Capital to contribute an additional SR billion to the private real estate investment fund “Sports Boulevard Real Estate Fund 1.”

The increased funding will be used to increase private sector participation in the Arts District, one of the destinations included in the Sports Boulevard project.

Sports Boulevard Development Co. will remain in the possession of most of the fund’s units, Ajdan Real Estate Development Co. will be the developer and main investor, and the fund manager will be Albilad Capital.

This partnership highlights the collaborative effort behind the development, marking a strategic alliance to create a vibrant urban space that enhances Riyadh’s cultural and economic landscape.

The aim of the project is to create a multifunctional lifestyle space consisting of residential, commercial, office and entertainment elements.

It covers an area of ​​over 39,000 sq m. in the heart of the Art District, the total development area covers approximately 240,000 m2, of which over 100,000 m2. net leasable area.

The design of the venue draws inspiration from the Sports Boulevard Design Code, which is influenced by Salmani’s architectural style. This provides a dynamic and engaging lifestyle for residents and visitors alike.

Situated at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, it offers extensive public spaces, recreational areas and cycle-friendly paths.

Covering an area of ​​184,000 sq m. the project goes beyond private development plots, providing ample space for recreation and pedestrian-friendly paths, efficiently connected to the promenade and bicycle bridge.

Sports Boulevard, a mega project launched by King Salman bin Abdulaziz in 2019 and supported by Crown Prince Mohammed bin Salman bin Abdulaziz, stretches for over 135 km along Prince Mohammed bin Salman bin Abdulaziz Street.

It contains safe green paths for pedestrians, cyclists, athletes and horse riders, connecting Wadi Hanifah in the west with Wadi Al Sulai in the east.

Additionally, the project covers over 4.4 million sq m. greenery, open spaces and as many as 50 multidisciplinary sports facilities. There are also several unique destinations and investment zones with a total area exceeding 3 million sq m.