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A consortium led by Saudi-listed Retal Urban Development Company and local private developer Asasat Real Estate Company and Bahrain’s Bareeq Al Retaj has been awarded a 3.2 billion Saudi riyals ($850 million) mixed-use project within the King Salman Park master plan in Riyadh.
The project was awarded by King Salman Park Company (KSPC), which is overseeing the 7.2 square kilometre (sq.km.) urban regeneration project.
The predominantly residential project is located in Package 4 within the Cultural Neighborhood, near the Royal Arts Complex in Riyadh, and will include more than 600 residential units, over 140 hotel units, around 50,000 square metres (sqm) of office space as well as retail outlets, restaurants, cafés and leisure components, Retal said in a stock exchange statement.
Fund-based development structure
Retal said the project will be implemented through an investment fund managed by SAB Invest and regulated by the Capital Market Authority (CMA).
Under the structure, King Salman Park Company contributes the land, while consortium partners provide capital and development expertise.
The project award announcement was made on the sidelines of MIPIM 2026 global real estate event in Paris.
KSPC said in a statement that the project award was finalised in November 2025, with definitive agreements currently being completed.
$3bln Package 5
At MIPM 2026, KSPC had previously announced the award of Package 5 for a residential-led mixed-use district to a consortium led by Saudi private developer Kolaghassi Development Company (KDC), and including local developer Al Othaim Investment and U.S-based developer RXR.
The SAR 11 billion ($3 billion) project will be supported by a CMA-regulated investment fund managed by Mulkia Investment Company, KSPC said in a press statement, adding that the parties are currently completing the definitive agreement.
The development, located adjacent to the King Salman Park metro station, will span an area of 400,000 sqm, and have a total built-up area exceeding 1 million sqm. It will feature approximately 3,700 residential units, a K–12 school, approximately 300 hospitality keys, more than 100,000 sqm of Grade A office space, and a wide variety of retail and dining offerings.
LEED Gold and WELL certifications are being targeted for key assets, with equivalent sustainability standards targeted for the wider development, the statement said.
The two private-sector commitments announced at MIPIM 2026, valued over $3.8 billion, bring total committed investment in King Salman Park to over SAR 20 billion ($5.3 billion) across five major packages.
The company said infrastructure delivery is advancing, with about 93 percent of construction packages already awarded.
(Writing by Anoop Menon; Editing by SA Kader)
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