Sports Boulevard sets up SAR 1B real estate fund for Arts District

Sports Boulevard Foundation logo

The Sports Boulevard Foundation signed an agreement with Ajdan Real Estate Development Co. and Albilad Capital to set up a private real estate investment fund worth SAR 1 billion, with the aim of establishing a mixed-use project to develop the Arts District, one of the eight destinations of Sports Boulevard project.

The Sports Boulevard Development Co. will be a major unitholder in the fund, with Ajdan Real Estate being the developer and primary investor. Albilad Capital is the fund manager.

The project aims to offer various residential, office, commercial and entertainment facilities, implemented in accordance with the urban code for the Sports Boulevard project, derived from the Salmani architecture.

It will extend over an area of 20,000 square meters (sqm), located on Prince Mohammed bin Salman Road. The total combined built-up site spans about 240,000 sqm, boasting over 100,000 sqm of net leasable area.

According to data compiled by Argaam, King Salman bin Abdulaziz unveiled, in March 2019, four wellbeing quality projects worth SAR 86 billion in Riyadh: King Salman Park, Sports Boulevard, Green Riyadh, and Riyadh Art.

Being a new health and wellness destination in the capital city, the Sports Boulevard will feature a 135-kilometer-long professional cycling track covering the city and the surrounding valleys.

Adding 3.5 million square meters of new open spaces, this project will also feature a sports pavilion, riding stables, and athletics tracks, amongst a wide range of other sports activities.