Key Takeaways
- • Sports Boulevard Foundation has established a second private real estate investment fund valued at SR3.5 billion ($933 million) to develop the Urban Wadi High project in Saudi Arabia, according to multiple sources dated August 10, 2026.
- • The fund was created following an agreement signed by Sports Boulevard Foundation, Albilad Capital, and Ajdan Real Estate Development Company to finance mixed-use development spanning residential, retail, office, and entertainment spaces across a 20,000 square meter area.
- • A separate SR1 billion ($266 million) real estate investment fund was also established as part of the Sports Boulevard Foundation's broader capital raise strategy for the Arts District development.
- • The foundation has doubled the value of its combined real estate investment funds, demonstrating significant investor appetite for Saudi Arabia's flagship urban development project that was originally launched by King Salman Bin Abdulaziz Al Saud in March 2019.
- • Sports Boulevard's real estate funds represent a key mechanism for financing large-scale, mixed-use urban development in the Kingdom, attracting both domestic institutional capital (Albilad Capital) and development partners (Ajdan Real Estate).
Summary
Saudi Arabia's Sports Boulevard Foundation has launched a second private real estate investment fund valued at SR3.5 billion ($933 million) to finance the Urban Wadi High development project, according to announcements on August 10, 2026. The fund was established following the signing of an agreement among Sports Boulevard Foundation, Albilad Capital (a major Saudi financial institution), and Ajdan Real Estate Development Company. This capital raise represents a significant expansion of the foundation's financing capacity for mixed-use urban development in the Kingdom.
The Sports Boulevard project encompasses residential, retail, office, and entertainment spaces across a 20,000 square meter development area. In parallel with the SR3.5 billion fund, a separate SR1 billion ($266 million) real estate investment fund has also been established, bringing the combined investment fund value to over SR4.5 billion across multiple tranches. The dual-fund structure suggests a staged investment approach to managing capital deployment and risk across different phases of the broader Sports Boulevard development initiative.
The capital raises underscore the foundation's strategy of leveraging private investment partnerships to finance large-scale urban development. Albilad Capital's participation signals institutional confidence in Sports Boulevard's execution and returns potential. The involvement of Ajdan Real Estate Development Company provides operational development expertise, creating a collaborative structure that combines financial capital with execution capability. This partnership model has enabled the foundation to substantially increase available development capital while distributing execution risk across multiple stakeholders.
Sports Boulevard itself was originally launched by King Salman Bin Abdulaziz Al Saud in March 2019 with initial funding of approximately $533 million. The successive rounds of capital raises since the project's inception—most notably the August 2026 announcements—demonstrate the project's continued development momentum and the Saudi investment market's sustained confidence in large-scale urban mixed-use ventures. These real estate investment funds serve as the primary financing vehicles for advancing Sports Boulevard's phased development roadmap in Riyadh.
The Sports Boulevard project encompasses residential, retail, office, and entertainment spaces across a 20,000 square meter development area. In parallel with the SR3.5 billion fund, a separate SR1 billion ($266 million) real estate investment fund has also been established, bringing the combined investment fund value to over SR4.5 billion across multiple tranches. The dual-fund structure suggests a staged investment approach to managing capital deployment and risk across different phases of the broader Sports Boulevard development initiative.
The capital raises underscore the foundation's strategy of leveraging private investment partnerships to finance large-scale urban development. Albilad Capital's participation signals institutional confidence in Sports Boulevard's execution and returns potential. The involvement of Ajdan Real Estate Development Company provides operational development expertise, creating a collaborative structure that combines financial capital with execution capability. This partnership model has enabled the foundation to substantially increase available development capital while distributing execution risk across multiple stakeholders.
Sports Boulevard itself was originally launched by King Salman Bin Abdulaziz Al Saud in March 2019 with initial funding of approximately $533 million. The successive rounds of capital raises since the project's inception—most notably the August 2026 announcements—demonstrate the project's continued development momentum and the Saudi investment market's sustained confidence in large-scale urban mixed-use ventures. These real estate investment funds serve as the primary financing vehicles for advancing Sports Boulevard's phased development roadmap in Riyadh.
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