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A new real estate fund has been launched in Saudi Arabia for the development of the Sports Boulevard mega project that is being planned in Riyadh.
In an agreement signed between the Sports Boulevard Foundation (SBF), the Ajdan real estate development company, and Albilad Capital, a 1 billion Saudi Arabian riyals ($266 million) mixed-use real estate fund has been established for the development of the private plots within the arts district, one of the eight planned for the mega project.
Structured as a private closed-ended real investment estate fund, managed by Albilad Capital, the collaboration aligns the interests of both the project and the private sector. The Sports Boulevard Foundation will be the major unitholder in the fund, while Ajdan Real Estate will be a developer and co-investor, according to the Saudi news agency.
The project aims to develop a diverse range of residential, retail, office, and entertainment spaces. The development will span over a 20,000 square metres within the Sports Boulevard.
In a statement, Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “From job creation to enabling the city’s residents to make healthier and more sustainable lifestyle choices, our partnership will have a positive impact on every aspect of society.”
(Writing by Bindu Rai, editing by Seban Scaria)
