ARDCO and FTG Launch a JV for $932 Million Riyadh Real Estate Project
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Jehad Alkadi, ARDCO CEO
Saudi Arabia’s Riyadh Development Company (ARDCO) has partnered with Turkey’s FTG Development to establish a joint venture focused on advancing real estate projects in the kingdom. Both companies will hold equal stakes in the new limited liability company.
In tandem, ARDCO has launched a real estate investment fund to support the development of a SAR 3.5 billion ($932 million) mixed-use project in Riyadh. Named Urban Wadi, the development is part of the Sports Boulevard Project, a flagship linear park initiative introduced in 2019.
The fund is backed by the Sports Boulevard Company for Real Estate Development & Investment, which serves as the primary investor with its landbank. ARDCO provides local investment, while FTG contributes foreign funding. The seven-year extendable agreement designates the LLC for project development, with Saudi-based Jadwa Investment Company managing the fund.
Ownership distribution in the fund has yet to be finalized.
Source: Zawya
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