Saudi Arabia Unveils $266 Million Fund for Riyadh's Sports Boulevard Transformation

Saudi Arabia Unveils $266 Million Fund for Riyadh's Sports Boulevard Transformation

By Staff Writer, 24 December 2023

Saudi Arabia has introduced a new real estate fund earmarked for the ambitious Sports Boulevard mega project set to transform Riyadh's landscape.

The Sports Boulevard Foundation (SBF), in collaboration with the Ajdan real estate development firm and Albilad Capital, recently inked a significant agreement to establish a 1 billion Saudi Arabian riyals ($266 million) mixed-use real estate fund.

This fund aims to propel the development of the arts district, one among the eight sectors delineated for the expansive mega project.

Managed by Albilad Capital, the fund is structured as a private closed-ended real estate investment vehicle.

The synergistic collaboration ensures alignment between the project's vision and private sector interests.

Notably, the Sports Boulevard Foundation will emerge as the principal unitholder, while Ajdan Real Estate assumes roles as both a developer and co-investor, as outlined by the Saudi news agency.

The grand vision for the Sports Boulevard encompasses a multifaceted development featuring residential zones, retail outlets, office spaces, and entertainment hubs.

This expansive endeavor is set to cover a sprawling 20,000 square meters within the broader Sports Boulevard area.

Commenting on the initiative, Jayne McGivern, CEO of the Sports Boulevard Foundation, expressed optimism, stating, “Our collaboration promises manifold benefits, ranging from significant job opportunities to fostering healthier and sustainable lifestyles for Riyadh's residents. This partnership is poised to positively reshape various facets of our society.”

Bindu Rai / Zawya

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