Key Takeaways
- • The Sports Boulevard Development Company signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than US$186 million (SAR 700 million), to finance a five-star hotel in Urban Wadi, Riyadh.
- • Rikaz Properties will act as developer and investor, while Al Jazira Capital will serve as fund manager.
- • The hotel will sit on a 13,500 square metre site with a gross floor area of 34,400 square metres.
- • The new fund follows a second real estate fund worth more than US$1.4 billion; agreements for the three funds now total more than US$1.6 billion.
- • The project's first phase opened in February 2025, with a completed 85km of pathways and tracks to date.
Summary
The Sports Boulevard Development Company has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than US$186 million (SAR 700 million), according to a PR Newswire release. The fund will finance a luxury five-star hotel in Urban Wadi, a mixed-use destination within the Sports Boulevard project in Riyadh, Saudi Arabia.
Under the structure, Rikaz Properties will participate as both developer and investor, while Al Jazira Capital will serve as fund manager. The hotel will be built on a site of 13,500 square metres with a gross floor area of 34,400 square metres, expanding the hospitality and lifestyle offering at Urban Wadi.
Sports Boulevard extends more than 135 kilometres across Riyadh, connecting sports facilities, public spaces, cultural attractions and entertainment destinations. The project is part of Saudi Vision 2030 efforts to develop tourism, entertainment, sport and culture. Development within Urban Wadi follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The fund is described as advancing the project's private-sector partnership model.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the fund reflects "our partners' confidence in the long-term value of the Sports Boulevard" and a commitment to destinations that support economic growth and quality of life.
The agreement follows the project's second real estate investment fund, valued at more than US$1.4 billion. Across the three funds, combined signed agreements exceed US$1.6 billion. The project's first phase opened in February 2025 with five destinations, including Wadi Hanifah, the Promenade, the Arts Tower area, Princess Nourah bint Abdulrahman University's internal loop, and the first phase of Sands Sports Park. The project has completed 85km of pathways and tracks to date, and the release states that the destinations have welcomed millions of visitors.
Under the structure, Rikaz Properties will participate as both developer and investor, while Al Jazira Capital will serve as fund manager. The hotel will be built on a site of 13,500 square metres with a gross floor area of 34,400 square metres, expanding the hospitality and lifestyle offering at Urban Wadi.
Sports Boulevard extends more than 135 kilometres across Riyadh, connecting sports facilities, public spaces, cultural attractions and entertainment destinations. The project is part of Saudi Vision 2030 efforts to develop tourism, entertainment, sport and culture. Development within Urban Wadi follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The fund is described as advancing the project's private-sector partnership model.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the fund reflects "our partners' confidence in the long-term value of the Sports Boulevard" and a commitment to destinations that support economic growth and quality of life.
The agreement follows the project's second real estate investment fund, valued at more than US$1.4 billion. Across the three funds, combined signed agreements exceed US$1.6 billion. The project's first phase opened in February 2025 with five destinations, including Wadi Hanifah, the Promenade, the Arts Tower area, Princess Nourah bint Abdulrahman University's internal loop, and the first phase of Sands Sports Park. The project has completed 85km of pathways and tracks to date, and the release states that the destinations have welcomed millions of visitors.
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