The Sports Boulevard Real Estate Development and Investment Company has signed contracts with Saudi-based Rikaz Properties to establish the third real estate investment fund with a combined value of more than $186 million to develop key assets within Urban Wadi in the city of Riyadh.

This fund forms part of a series of investment agreements launched by the Sports Boulevard Foundation (SBF). It follows the previous announcement of the second real estate investment fund with a combined value exceeding $1.4 billion across the Arts District, the Promenade, and Urban Wadi.

A premium project, Urban Wadi is located within the Sports Boulevard project in Hittin District, extending from Suwaid bin Harthah Street in the west to Ar Rub Al Khali Street in the east.

The destination has been designed to deliver integrated experiences that bring together sport, nature, entertainment, hospitality, and community engagement, in alignment with the project’s urban code, known as the Sports Boulevard Code. Inspired by the principles of Salmani architecture, the code supports a cohesive urban identity rooted in Riyadh’s character.

With these latest agreements, the total number of signed funds now reaches three, with a combined value exceeding $1.6 billion.

The fund will support the development of a luxury five-star hotel within Urban Wadi in Hittin District, in partnership with Rikaz Properties, which will act as the developer and investor, while Al Jazira Capital will be the fund manager.

The project will be developed on a land area of 13,500 sq m with a gross floor area of around 34,400 sq m.

 Jayne McGivern, CEO of the Sports Boulevard Foundation, said the establishment of these two funds represents an important step in strengthening the project’s investment and development strategy.

 The Sports Boulevard is one of Riyadh’s mega projects. Upon completion, it will extend for more than 135 km through an interconnected network of sports, environmental, and entertainment destinations.