Sports Boulevard Foundation Establishes Second Real Estate Investment Fund Worth SAR 3.5 Billion For Urban Wadi Development

The Sports Boulevard Foundation has partnered with several companies to create a mixed-use private real estate development fund valued at over SAR3.5 billion. This initiative aims to develop private plots within the Urban Wadi, a key destination of the Sports Boulevard project. This marks the second investment fund by Sports Boulevard, following a previous fund for the Promenade destination.

Urban Wadi is a standout feature of the Sports Boulevard, stretching 4.5 kilometers from Suwaid bin Harthah Street to Ar Rub Al-Khali Street. It will include a low-flow water canal surrounded by greenery, pedestrian and cycling paths, bridges, and shaded play areas. The area will also offer shops, restaurants, sports courts, and event spaces.

This new fund represents a collaboration between public and private sectors and aims to draw foreign direct investments. It seeks to strengthen Riyadh’s status as an attractive hub for investment and urban development. The fund is structured as a private closed-ended entity, with the Sports Boulevard Development Company holding the majority of units.

The Urban Wadi High Rises project promises an engaging experience for residents and visitors alike. Covering over 207,000 square meters of gross floor area on approximately 40,000 square meters of land, it will follow the Sports Boulevard Design Code inspired by Salmani architecture principles.

Jayne McGivern, CEO of the Sports Boulevard Foundation, expressed enthusiasm about this strategic partnership: "Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development. I am delighted to welcome inward investment into Sports Boulevard."

McGivern further stated that this initiative aligns with their vision of improving life quality in Riyadh: "This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city." She emphasized their goal to make Riyadh one of the world’s top cities.

Enhancing Community Life

The Urban Wadi destination will feature world-class facilities aimed at positively impacting Riyadh's community. This includes creating job opportunities and promoting healthier lifestyle choices among residents. McGivern added: "Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community."

The broader Sports Boulevard project spans over 135 km along Prince Mohammed bin Salman bin Abdulaziz Road. It connects Wadi Hanifah in the west with Wadi Al Sulai in the east through safe green pathways for pedestrians, cyclists, and athletes.

A Vision for Future Growth

This mega project was launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and is chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud. It aims to enhance life quality for both residents and visitors by providing integrated infrastructure like pedestrian pathways, cycling routes, horse-riding trails, and more.

The project encompasses over 4.4 million square meters of greenery and open spaces alongside up to 50 multidisciplinary sports facilities. Additionally, it includes several unique destinations and investment zones covering more than 3 million square meters.

With inputs from SPA