The Sports Boulevard Foundation (SBF), Ajdan Real Estate Development Company and Albilad Capital have doubled the size of a private mixed-use real estate fund to 2 billion Saudi riyals ($533 million).

The development within the Arts District, one of the eight districts of the mega, will cover more than 390,000 square metres of area, up from 20,000 sq m announced in December 2023, within the Sports Boulevard project in Riyad.

SBF will be the major unitholder in the fund, while Ajdan Real Estate Development Company will act as a developer and co-investor. Albilad Capital will manage the fund.

The project aims to develop a diverse range of residential, retail, office, and entertainment spaces spanning 20,000 sq m with a built-up area exceeding 240,000 sq m. It will have nearly 100,000 sqm of gross leasable areas.

All aspects of the development will be guided and informed by the Sports Boulevard’s design code, inspired by Salmani principles.

In March 2019, Saudi King Salman bin Abdulaziz launched four projects worth SAR 86 billion in Riyadh, including King Salman Park, Sports Boulevard, Green Riyadh, and Riyadh Art.

(Editing by Anoop Menon) (

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