The Sports Boulevard Foundation (SBF) has established a pioneering alliance with Ajdan real estate development company and Albilad Capital, unveiling a private mixed-use real estate fund of SAR 1 billion. This fund is dedicated to the development of private plots situated within the Arts District, which is part of the eight distinct zones of the Sports Boulevard project.
Designed as a private closed-ended real estate investment fund managed by Albilad Capital, this initiative harmonizes the objectives of the project with those of the private sector. The Sports Boulevard Development Company will hold the position of principal unitholder in the fund, with Ajdan Real Estate Development Company acting both as a developer and co-investor, and Albilad Capital overseeing fund management.
The development’s scope entails constructing a diverse mix of residential, commercial, office, and entertainment facilities over an area of 20,000 square meters within the Sports Boulevard, situated on Prince Mohammed bin Salman Road. With a built-up area surpassing 120,000 square meters, the project is projected to encompass around 60,000 square meters of gross leasable space, offering a vibrant and engaging environment for both residents and visitors.
Jayne McGivern, CEO of the Sports Boulevard Foundation, expressed enthusiasm about the strategic partnership, highlighting its role in advancing Riyadh’s urban landscape and its contribution to job creation and sustainable living. She emphasized the alignment of this project with the Kingdom’s Saudi Vision 2030 agenda, aiming to transform Riyadh into one of the world’s most habitable cities.
Eng. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, echoed this sentiment, expressing pride in the establishment of the Real Estate Fund and its expected contribution to achieving the Saudi Vision 2030 goals through the provision of world-class facilities.
Mr. Zaid Almufarih, CEO of Albilad Capital, underlined the fund’s importance in Riyadh’s transformation in accordance with the Kingdom’s Saudi Vision 2030 and Quality of Life ambitions. His remarks focused on the commitment to investing in the necessary technical and human capabilities to manage high-quality products and to fulfill the fund’s objectives to the benefit of its investors.
Strategically located, the Arts District will be a nexus for efficient mobility, enhanced with pedestrian and cyclist pathways, recreational activities, and art installations. It will be seamlessly integrated with the Promenade and cycling bridge, offering an inviting public realm.
Launched by The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and supported by HRH Prince Mohammed bin Salman bin Abdulaziz, the Sports Boulevard is a significant undertaking. This mega project spans over 135km and aims to provide a green corridor that connects various parts of the city, incorporating 4.4 million square meters of green spaces and up to 50 sports facilities, enhancing the urban fabric of Riyadh.