Sports Boulevard Leads SAR 3.5B Fund for Riyadh Urban Wadi
Deal News | Dec 17, 2024 | EIN
The Sports Boulevard Foundation has entered into an agreement with Riyadh Development Company, FTG Development, and Jadwa Investment Company to establish a SAR 3.5+ billion private real estate investment fund. This fund, the second of its kind launched by Sports Boulevard, focuses on developing the Urban Wadi High Rises in Riyadh, encapsulating a mix of business and lifestyle amenities over a 207,000 square meter gross floor area. The initiative is part of a strategic partnership model encouraging both public and private sector collaborations, bolstering FDI, and aligning with the goals of Saudi Vision 2030. The development will feature innovative Salmani architecture, aiming to contribute to Riyadh’s urban aesthetic while attracting global investment. Jayne McGivern and Jehad Alkadi, executives of the Foundation and Riyadh Development respectively, highlighted their commitment to enriching urban life with sustainable facilities and green spaces. The project, part of the larger Sports Boulevard, aims to establish a series of integrated pathways, recreational amenities, and sports facilities over a 135 km stretch to enhance quality of life in Riyadh.
Sectors
- Real Estate
- Investment Management
- Urban Development
Geography
- Saudi Arabia – The location of the Urban Wadi project and the primary focus of the real estate investment fund.
Industry
- Real Estate – Relevant due to the establishment of a significant real estate investment fund for developing the Urban Wadi High Rises.
- Investment Management – Involved through Jadwa Investment Company's role in managing the private real estate fund.
- Urban Development – Concerns the development of the Urban Wadi as a major urban and architectural project in Riyadh.
Financials
- SAR 3.5 billion – The value of the private real estate investment fund established for the Urban Wadi development.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sports Boulevard Foundation | Fund Initiator and Majority Unitholder | Company | A foundation leading the development of the Urban Wadi project, focusing on enhancing urban spaces in Riyadh. |
| Riyadh Development Company | Co-Investor and Developer | Company | A key partner in the Urban Wadi project, tasked with developing the property. |
| FTG Development | Co-Investor and Developer | Company | An international real estate developer involved in the project's execution. |
| Jadwa Investment Company | Fund Manager | Company | Responsible for managing the SAR 3.5 billion real estate investment fund. |
| Jayne McGivern | CEO | Person | CEO of the Sports Boulevard Foundation, involved in strategic leadership of the fund and project. |
| Jehad Alkadi | CEO | Person | CEO of Riyadh Development Company, contributing to the strategic partnership. |
| Tariq Al-Sudairy | Managing Director and CEO | Person | Managing Director and CEO of Jadwa Investment, involved in fund management. |