Riyadh, Saudi Arabia: At MIPIM 2026, the King Salman Park Foundation announced the award of Package 5, confirming the selection of a consortium led by Kolaghassi Development Company to deliver a new residential-led mixed-use district in King Salman Park. The contemplated development will be supported by a CMA-regulated fund managed by Mulkia Investment Company and has a total project value exceeding SAR 11 billion (USD 3 billion). The award confirms the parties are currently progressing the definitive agreements.

This announcement forms part of the Foundation’s wider real estate investment program. At MIPIM 2026, King Salman Park simultaneously announced investment packages worth more than USD 3.8 billion in two newly secured private-sector commitments across multiple mixed-use districts, bringing total committed investment to over SAR 20 billion across five major packages.

International capital supporting Riyadh’s next phase of growth

The contemplated development is supported by a Saudi-domiciled, CMA-regulated investment fund, managed by Mulkia Investment Company, bringing together leading Saudi and international investors. The Foundation will contribute the land to the fund, while private-sector partners and local banks will provide capital and development capabilities.

This structure represents a landmark private-sector real estate investment and highlights growing international confidence in King Salman Park as a globally investable urban destination. The participation of international capital, alongside globally experienced development capability and significant debt commitments by local banks, reflects continued interest in King Salman Park commercial development opportunities.

A metro-connected district at scale

Under the proposed agreement, Kolaghassi Development Company will lead the development, working alongside:

  • Al Othaim Investment, one of the Kingdom’s most established real estate players
  • RXR, a globally active real estate investor and operator with significant experience in large-scale mixed-use urban environments

The awarded district will have a total built-up area exceeding 1 million sq m. Adjacent to the King Salman Park metro station, the site benefits from strong connectivity to the wider city as well as within the Park itself, positioning it as a highly accessible mixed-use destination in central Riyadh.

The scheme comprises a large-scale, residential-led development spanning over 400,000 sq m, including:

  • Approximately 3,700 residential units
  • A best-in-class K–12 school
  • Approximately 300 hospitality keys
  • More than 100,000 sq m of Grade A office space
  • A wide variety of retail and dining offerings

The district will be delivered in line with internationally recognized sustainability and wellbeing standards, with LEED and WELL Gold certification targeted for key assets and equivalent standards applied across the wider development.

Delivery momentum and the next phase of opportunity

King Salman Park has continued to advance steadily from planning to delivery, with substantial progress achieved across infrastructure works, public realm development, and cultural anchor assets. As infrastructure delivery advances – with 93% of associated construction packages awarded, to date, and development interfaces becoming clearer – early participation offers strong positioning within the Park’s long-term urban hierarchy.

Executive Statements

Mr. George Tanasijevich, CEO of King Salman Park Foundation, commented:

“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park. It reflects confidence in the project’s fundamentals and the Foundation’s delivery framework. Our partners bring not only capital, but also experience and perspective that help raise standards and contribute to Riyadh’s evolution as a global city. We look forward to concluding this transaction with Kolaghassi Development Company and its development partners, including Al Othaim Investment and RXR, and working closely with them as this district begins to take shape.”

Mr. Ali Kolaghassi, Chairman & CEO of Kolaghassi Development Company, commented:

“This project represents a significant long-term commitment for Kolaghassi Development Company in Saudi Arabia. Working alongside the King Salman Park Foundation, we are taking full responsibility for the delivery of a complex, residential-led mixed-use district at scale, drawing on our international development experience and embedding it within the Kingdom’s evolving urban framework. Our focus is on disciplined execution, integration with the park, and delivering a vibrant forward-thinking community district that performs commercially and endures over time.”

Mr. Sultan Al Hudaithi, Vice-Chairman & MD of Mulkia Investment Company, commented:“King Salman Park represents a compelling opportunity to invest at scale in a project of global significance. The clarity of the Foundation’s vision, the quality of the proposed master plan and development framework, and the long-term fundamentals of Riyadh were central to our investment decision. We see this development as a platform for sustained growth and long-term value creation.”

About King Salman Park

King Salman Park is one of the world’s most ambitious and transformative urban regeneration projects, bringing together people, nature, and the city in unique harmony. Located in the heart of Riyadh, the Park supports the goals of Saudi Vision 2030 in building a vibrant, healthy, and balanced society. Covering 17.2 sq.km, it offers a rich variety of cultural, artistic, entertainment, sports, commercial, and residential facilities. King Salman Park will serve as a dynamic destination for visiting, exploring, working, and living — redefining urban life where a walk in the street becomes a walk in the park.

About Kolaghassi Development Company

Kolaghassi Development Company is an internationally active developer specialising in complex, mixed-use urban environments, with a focus on sustainability, urban design, and cultural integration. The company forms part of the Kolaghassi Group, drawing on its broader platform and track record in real estate and related sectors. Saudi Arabia represents a core market for the company’s future growth, reflecting the scale and depth of opportunity arising from the Kingdom’s ongoing urban and real estate transformation. Kolaghassi is actively expanding its presence in the Kingdom to participate in this next phase of private-sector-led urban development.

About Mulkia Investment Company

Mulkia Investment Company is a Saudi Capital Market Authority (CMA)-licensed investment management company specializing in real estate funds and listed and private real estate investment structures.

The firm provides institutional capital structuring, governance oversight, and regulated fund management for complex, large-scale development platforms across the Kingdom.

Through its platform, Mulkia contributes to the institutionalization and deepening of Saudi Arabia’s real estate capital markets.

About Al Othaim Investment

Al Othaim Investment is a leading Saudi real estate and investment group with extensive experience across retail-led and mixed-use developments throughout the Kingdom.

The company brings deep local market insight, large-scale retail development capability, and operational expertise spanning leasing, tenant engagement, and asset performance.

Across its portfolio of major retail destinations and community-focused developments, Al Othaim applies disciplined execution and long-term asset stewardship within high-footfall urban environments.

About RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders.

Headquartered in New York City, RXR operates a vertically integrated platform with expertise across acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation.

Through its integrated approach, RXR has developed and managed a diversified portfolio of commercial and residential assets across the United States, applying disciplined execution and long-term value creation strategies.

Contact:
Simon Shaw – Chief Communications & Marketing Officer
King Salman Park Foundation
shaws@kspf.gov.sa

Najla Alotaibi – Executive Director of Communications
King Salman Park Foundation
alotaibin@kspf.gov.sa

Juri Schier – Digital Advisory and Media Officer
Edelman
juri.schier@Edelman.com

[1] The contemplated transaction remains subject to the negotiation, approval, and execution of the definitive agreements.