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The Sports Boulevard Real Estate Development and Investment Co. has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than $186 million, to develop key assets including a luxury five-star hotel in Riyadh's Urban Wadi.
The fund will finance the development of the hotel in the Hittin district, with Rikaz Properties serving as developer and investor and Al Jazira Capital acting as fund manager, according to an official statement.
A five-star hotel in the Hittin district
The project will be built on a 13,500 sq m plot and have a gross floor area of about 34,400 sq m, the statement said.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the establishment of the funds marks an important step in strengthening the project's investment and development strategy, reflecting partners' confidence in the long-term value of the Sports Boulevard and a shared commitment to developing destinations that enhance quality of life and support economic growth.
Third fund takes total investment past $1.6 billion
The latest fund forms part of the Sports Boulevard's strategy of partnering with the private sector to develop major sports, hospitality, entertainment and lifestyle assets across its destinations.
It follows the launch of a second real estate investment fund with a combined value of more than $1.4 billion, covering projects in the Arts District, the Promenade and Urban Wadi.
With the latest agreement, the total number of signed investment funds has reached three, with a combined value exceeding $1.6 billion, the statement said.
Khaled Al-Qahtani, CEO of Rikaz Properties, said the partnership reflects the growing opportunities within Riyadh's hospitality and lifestyle sectors.
Naif Al-Mesned, CEO of Al Jazira Capital, said managing the fund reflects the company's commitment to supporting investments that combine strong development potential with long-term urban value.
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What Urban Wadi and the Sports Boulevard will include
Urban Wadi is a key destination within the Sports Boulevard project in Hittin, stretching from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east.
It is designed as an integrated destination combining sports, nature, entertainment, hospitality and community spaces, following the Sports Boulevard Code, an urban design framework inspired by Salmani architecture intended to reinforce a cohesive identity rooted in Riyadh's character.
The investment programme supports the objectives of Saudi Vision 2030 and the Quality of Life Programme by attracting private sector investment and creating new development opportunities.
The Sports Boulevard is one of Riyadh's major development projects and, upon completion, is planned to extend more than 135 km through an interconnected network of sports, environmental, entertainment and urban destinations.
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