Sports Boulevard Development Company has announced the signing of a new real estate investment fund with Rikaz Properties, worth over €161 million ($186 million, or SAR 700 million). This is the third such vehicle established by the developer to finance hotel and tourism infrastructure for Sports Boulevard, one of the flagship Vision 2030 projects in Riyadh.
The fund will be dedicated to financing a five-star hotel located in Urban Wadi, one of the mixed-use destinations within Sports Boulevard, a 135-kilometre linear park running through the Saudi capital from west to east.
Rikaz Properties and Al Jazira Capital, partners in the deal
Under the agreement, Rikaz Properties is acting as both developer and investor, while Al Jazira Capital is managing the fund. This division of roles mirrors the structure already used for Sports Boulevard’s previous investment vehicles, including the second fund, signed for over €1.21 billion ($1.4 billion).
With this third agreement, the combined value of real estate funds signed by Sports Boulevard now exceeds €1.39 billion ($1.6 billion), confirming the project’s ability to mobilise private capital across its various destinations.
A five-star hotel at the heart of Urban Wadi
The hotel will occupy a 13,500 sqm plot, with a gross floor area of 34,400 sqm. It will add to the hospitality and lifestyle offering at Urban Wadi, a destination designed to combine sport, nature, entertainment, hospitality and community spaces within Sports Boulevard.
The development of Urban Wadi forms part of the Sports Boulevard Code, an urban charter inspired by Salmani architecture, which combines Riyadh’s architectural heritage with contemporary urban design principles.
Sports Boulevard, the backbone of Riyadh’s tourism development
Launched along Prince Mohammed bin Salman bin Abdulaziz Road, Sports Boulevard stretches over 135 kilometres, linking the Saudi capital through a network of secure green spaces designed for pedestrians, cyclists, athletes and horse riders. The project includes more than 4.4 million sqm of green space, up to 50 multi-purpose sports facilities, and several districts and investment zones covering a total area of over 3 million sqm.
The project’s first phase opened in February 2025, comprising five destinations: Wadi Hanifah, the Promenade, the Arts Tower district, the inner loop of Princess Nourah bint Abdulrahman University, and the first phase of Sands Sports Park, totalling 85 kilometres of paths and trails already delivered. Since opening, these spaces have welcomed several million visitors, both Saudi and international.
For Jayne McGivern, CEO of the Sports Boulevard Foundation, this third fund “represents an important milestone in strengthening the project’s investment and development strategy” and “reflects our partners’ confidence in the long-term value of Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh’s position among the world’s best cities to live in.”
Investment momentum underpinned by Vision 2030
This latest deal comes amid a broader surge in hotel investment across Saudi Arabia. A recent JLL study forecasts that the Kingdom will account for 58% of hotel supply across the Middle East and North Africa by 2028, driven by Vision 2030 and sustained regional RevPAR growth.
Other investment vehicles dedicated to Saudi hospitality have emerged in recent months, such as the billion-dollar AYARA platform, set up to develop business hotels across the Kingdom. These initiatives confirm the growing interest of international and local investors in the Saudi hotel pipeline, in a market where the capital continues to roll out major urban and tourism projects.
AT A GLANCE
Sports Boulevard signs third real estate fund for a five-star hotel in Riyadh
Sports Boulevard Development Company signs third real estate investment fund with Rikaz Properties, worth over US$186 million (approx. €161 million / SAR 700 million)
Fund will finance a five-star hotel in Urban Wadi, a mixed-use destination within Riyadh’s 135km Sports Boulevard
Rikaz Properties acts as developer and investor; Al Jazira Capital serves as fund manager
Hotel site spans 13,500 sqm, with a gross floor area of 34,400 sqm
Combined value of Sports Boulevard’s three real estate funds now exceeds US$1.6 billion (approx. €1.39 billion)
Project’s first phase opened in February 2025, welcoming millions of visitors across five destinations
