Transforming Riyadh: Sports Boulevard’s Arts District To Double Investment For Mixed-Use Lifestyle Destination

In a significant move aimed at further enhancing the Arts District within the Sports Boulevard project, the Sports Boulevard Foundation has announced a partnership with Ajdan Real Estate Development Company and Albilad Capital to increase the investment in the area's development. The collaboration marks an ambitious plan to double the value of the private real estate investment fund from SAR1 billion to SAR2 billion.

The increased fund value is intended to boost the private sector's engagement in the Arts District, a key component of the expansive Sports Boulevard project. The announcement underlines the strategic alliance's commitment to creating a vibrant and dynamic urban space in Riyadh, aiming to significantly uplift the cultural and economic fabric of the city.

The Sports Boulevard Development Company will continue to be the major unit holder of the fund, with Ajdan Real Estate Development Company taking the role of the developer and primary investor. Albilad Capital will manage the fund, ensuring the effective allocation and utilization of resources towards the development of the Arts District.

Envisioning a Mixed-Use Lifestyle Destination

The project envisages the establishment of a mixed-use lifestyle destination that will encompass residential, retail, office, and entertainment spaces. Covering a land area of over 39,000 sqm at the heart of the Arts District, the development is expected to have a total built-up area of approximately 240,000 sqm, including more than 100,000 sqm of net leasable area.

Guided by the Sports Boulevard Design Code inspired by the Salmani Architectural Style, the development aims to offer a dynamic and immersive lifestyle experience for both residents and visitors. With a focus on creating a captivating public realm, the project will feature recreational activities, ample pedestrian spaces, and bike-friendly tracks, all efficiently connected to the Promenade and the cycling bridge.

A Mega Project with Broad Vision

The Sports Boulevard, launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019, is one of Riyadh's most ambitious projects. Stretching over 135 km on Prince Mohammed bin Salman bin Abdulaziz Road, the project aims to connect Wadi Hanifah with Wadi Al Sulai through a safe and green network designed for pedestrians, cyclists, athletes, and horse riders.

Featuring more than 4.4 million square meters of green spaces, up to 50 sports facilities, and several unique destinations and investment zones covering over 3 million square meters, the Sports Boulevard project is set to redefine the urban landscape of Riyadh. With this latest investment, the project takes a significant step towards achieving its vision of transforming Riyadh into a leading cultural and recreational hub in the region.