Global and local investors have committed $3 billion to support a massive, metro-connected mixed-use development in Saudi Arabia’s King Salman Park.

The funding support will be through a Saudi-domiciled, CMA-regulated fund managed by Mulkia Investment Company, according to King Salman Park Foundation on Tuesday.

"Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park," said George Tanasijevich, CEO of King Salman Park Foundation.

The development, with a built-up area of one million square metres, will include 3,700 residential units, Grade A office space and a 300-room hotel, among others. It is directly adjacent to the King Salman Park Metro Station. 

The construction work for the project has been awarded to a consortium of local and international players, including Kolaghassi Development Company, Al Othaim Investment and RXR.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com