The King Salman Park Foundation has awarded major development contracts for a residential-led mixed-use district being set up in Riyadh’s King Salman Park to a consortium led by Kolaghassi Development Company.

The project, known as Package 5, will be backed by a Saudi-domiciled investment fund regulated by the Capital Market Authority and managed by Mulkia Investment Company.

The total value of the development exceeds SAR11 billion ($3 billion), senior officials of the Foundation said during the MIPIM 2026 property conference in France.

King Salman Park is one of Riyadh’s flagship urban development projects aimed at creating a large-scale mixed-use district in the Saudi capital.

The Foundation said it had secured private-sector commitments worth more than $3.8 billion across multiple mixed-use districts in King Salman Park, bringing total committed investment to more than SAR20 billion across five development packages.

Kolaghassi will lead the project alongside Al Othaim Investment, one of the kingdom’s top real estate players, and US-based RXR, a globally active real estate investor with significant experience in large-scale mixed-use urban environments.

Meanwhile, Package Four of the project contract worth SAR3.2 billion has been snapped up by a consortium led by key Saudi developer Retal.

The scope of work includes development of a predominantly residential, mixed-use project within the cultural neighbourhood of King Salman Park in Riyadh.

The project comprises an integrated urban district featuring more than 600 residential and over 140 hotel units in addition to 50,000 sq m of office space, it stated.