Riyadh, Saudi Arabia: At MIPIM 2026, The King Salman Park Foundation announced the award of Package 4, confirming the selection of a consortium led by Retal Urban Development Company to deliver a new residential-led mixed-use development in the heart of the Park’s cultural district. The contemplated development will be supported by a fund managed by SAB Invest and has a total project value exceeding SAR 3.2 billion (USD 850 million). The award was completed in November 2025, and the parties are currently progressing the definitive agreements.

This announcement is part of King Salman Park’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.

A disciplined, fund-led investment framework

King Salman Park is demonstrating a level of governance, procurement clarity, and fund-led structuring that supports a bankable platform for metropolitan-scale urban investment in central Riyadh. The Foundation’s investment program is structured through fund vehicles, land-in-kind joint ventures, and international development partnerships, enabling high-quality private-sector participation at scale.

For Package 4, the award contemplates the establishment of a CMA-regulated fund investment model, reflecting the Foundation’s approach of contributing land while partnering with private-sector partners to provide capital and development expertise. The award followed a competitive and rigorous RFP process, assessing proposals against commercial viability, design excellence, and delivery capability to reinforce transparency and long-term value creation.

A cultural district destination: homes, hospitality, offices, retail

Under the proposed agreement, Retal will lead the development, working alongside:

  • Asasat, a forward thinking real estate development company specializing in high-end residential and commercial projects
  • Bareeq Al Retaj, one of Bahrain’s leading real estate development companies, known for delivering large-scale, high-end residential, hospitality and mixed-use projects

The project will deliver an integrated urban district comprising:

  • More than 600 residential units
  • Over 140 hotel keys
  • Almost 50,000 sq m of Grade A office space
  • Curated retail and food-and-beverage experiences

Located in the heart of the Park’s cultural district, the development benefits from close proximity to key cultural assets, including the Royal Arts Complex, and is designed to integrate with the Park’s wider cultural, artistic, and lifestyle ecosystem.

Delivery momentum and the next phase of opportunityKing 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:
“This award marks another meaningful step in shaping the next phase of King Salman Park. By partnering with a consortium that brings together strong local development expertise and long-term institutional investment, we continue to advance our vision for well-integrated neighborhoods that place culture, livability, and long-term value at their core. We are encouraged by the strong interest and conversations we continue to have and look forward to the positive contribution this district will make to the Park’s cultural and urban landscape.”

Mr. Abdullah AlBraikan, CEO and Founder, Retal Urban Development Company, said:
“We are honoured to partner with the King Salman Park Foundation on this landmark development. This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns and long-term community impact.”

Mr. Ali Almansour, CEO, SAB Invest, commented:
“We are proud to support the development of this landmark district within King Salman Park through a fund structure that brings together long-term capital, experienced development partners, and a shared commitment to place making excellence. Our focus is on stewarding investments that not only deliver sustainable financial returns, but also contribute to Riyadh’s cultural vibrancy and the Kingdom’s broader quality of life ambitions under Vision 2030.”

Mr. Guy de Sousa, General Manager, Asasat, said:
“We proudly support King Salman Park, a landmark that redefines culture and lifestyle in Saudi Arabia. Asasat is dedicated to enhancing customer experience delivering quality, innovation and efficiency in every project we do. Through strong partnerships and deep local expertise, we empower projects that strengthen communities and advance the Kingdom’s Vision 2030 ambitions.”

Yousif Mohamed Bucheeri, CEO, Bareeq Al Retaj Real Estate Company, commented:
“We are honored to be part of the consortium partnering with the King Salman Park Foundation to develop one of the Kingdom’s most strategic and distinctive projects. This collaboration represents a significant milestone for Bareeq Al Retaj, marking our entry into the Saudi market and supports our long-term regional expansion.

The collaboration reflects the continued evolution and growing maturity of Saudi Arabia’s real estate investment landscape, and our strong belief in culture-led, mixed-use urban destinations as key drivers of sustainable value creation, vibrant communities, and long-term impact.”

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 Retal Urban Development Company

Retal Urban Development Group has been delivering high-quality residential, commercial, and mixed-use developments across Saudi Arabia’s Eastern Province since 2012. We create integrated urban environments that foster connectivity, economic vitality, and long-term livability. Operating within a rapidly transforming Kingdom, Retal places sustainability, rigorous research, and human-centered design at the core of every project. Our developments combine architectural innovation with strategic urban planning to address evolving market demands while enhancing community wellbeing. Through disciplined execution and forward-thinking design, Retal continues to set new benchmarks for resilient, inclusive, and future-ready urban development.

About SAB Invest

SAB Invest is the investment arm of SAB, one of the largest banks in Saudi Arabia, an affiliate of HSBC Group, and traces its origin to more than 100 years. It offers a range of investment management, advisory and structuring solutions, both conventional and shariah compliant.

SAB Invest Asset Management offering covers all major asset classes and geographies through both public and private funds and discretionary portfolios. Our strategies include equities, money markets, fixed income, multi-assets, ETFs, real estate, and private markets.

Today, SAB Invest manages over SAR 35 billion in client assets. It supports hundreds of clients from diverse sectors, including national corporates, pension funds, insurance companies, asset managers, and sovereign wealth funds.

About Asasat Development and Real Estate Development Company

Asasat Development and Real Estate Development Company was established in 2004 and operates in many commercial and real estate activities, commercial agencies, supplies and demolition, for example, but not limited to these 3 verticals:

1. Professional Foodservice Solutions, in partnership with Ibericafrio, Lda, a Portuguese Company with more than 45 years of experience, we design, supply and maintain projects and mega-projects for the foodservice industry. We work only with the best European Food service equipment that are used for preparation and storage of food products for commercial purposes. This equipment includes cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment.

2. In partnership with Perino, Lda, a Portuguese company with more than 40 years’ experience supplying the best Clinics and Hospitals in the World, we design, supply, install and maintain medical equipment. Working only with best international brands in the areas of Radiology, Ultrasounds, Cardiac monitoring, TAC, Magnetic Resonance, Ventilation, Digital Revelation, Clinical analysis laboratories and especially in the area of HIV-AIDS, Blood Banks, Stomatology, Maternity, Operating Block, Ophthalmology, and others.

3. Real Estate Development, an in-house team of experts with an extensive experience and track record will prepare the financial and operational models until closure, market to potential investors and supervise all stages of the implementation until conclusion of the project.

About Bareeq Al Retaj

Established in 2011, Bareeq Al Retaj is a leading real estate development and management services company based in the Kingdom of Bahrain. With a strong track record and a diverse portfolio, the company focuses on creating vibrant destinations that go beyond traditional real estate. Bareeq Al Retaj delivers innovative projects across multiple sectors, including residential, commercial, hospitality, retail, education, industrial, mixed-use developments, master planning, and social housing. Built on a solid foundation of quality, sustainability, and community values, Bareeq Al Retaj continues to shape Bahrain's evolving urban landscape through forward-thinking developments.

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.