The Sports Boulevard Development Company has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than US$186 million (SAR700 million). The fund will finance a luxury five-star hotel in Urban Wadi, a destination within the Sports Boulevard project in Riyadh, Saudi Arabia.
Saudi Arabia is developing projects across tourism, entertainment, sport and culture as part of Saudi Vision 2030. Riyadh, the country’s capital, is home to several of these developments, including Sports Boulevard. Extending for more than 135 kilometres across the city, Sports Boulevard will connect sports facilities, public spaces, cultural attractions and entertainment destinations. It aims to encourage active lifestyles, improve access to green spaces and support Riyadh’s development as a more connected and liveable city.
Rikaz Properties will participate as developer and investor, while Al Jazira Capital will serve as fund manager. The hotel will be developed on a site of 13,500 square metres, with a gross floor area of 34,400 square metres, expanding Urban Wadi’s hospitality and lifestyle offering.
Urban Wadi is a mixed-use destination within Sports Boulevard, designed to bring together sport, nature, entertainment, hospitality and community experiences.
Development within Urban Wadi follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The code combines Riyadh’s architectural heritage with contemporary urban design to create places reflecting the city’s character.
The fund advances Sports Boulevard’s private-sector partnership model by creating investment opportunities, supporting economic growth and broadening experiences for residents and visitors.
