International Capital Selects King Salman Park, Riyadh
RIYADH, Saudi Arabia, March 11, 2026 /PRNewswire/ -- At MIPIM 2026, the King Salman Park Foundation announced the award of Package 5, selecting a consortium led by Kolaghassi Development Company to deliver a new residential-led mixed-use district within King Salman Park.
The development will be supported by a CMA-regulated investment fund managed by Mulkia Investment Company, with a total project value exceeding SAR 11 billion (USD 3 billion). The award confirms that the parties are currently progressing toward the finalization of definitive agreements.
The announcement forms part of the Foundation's wider real estate investment program. At MIPIM 2026, King Salman Park also announced investment packages worth more than USD 3.8 billion across multiple mixed-use districts, bringing the total committed investment to over SAR 20 billion across five major development packages.
International capital supporting Riyadh's growth
The development will be supported through a Saudi-domiciled CMA-regulated investment fund managed by Mulkia Investment Company, bringing together leading Saudi and international investors.
Under the structure, the King Salman Park Foundation will contribute the land, while private-sector partners and local banks will provide capital and development capabilities.
The investment highlights growing international confidence in King Salman Park as a globally investable urban destination, with international investors, globally experienced development partners, and significant financing commitments from local banks supporting the project.
A metro-connected mixed-use district
Under the proposed agreement, Kolaghassi Development Company will lead the development in partnership with:
- Al Othaim Investment, one of Saudi Arabia's established real estate investment groups
- RXR, a global real estate investor and operator with extensive experience in large-scale mixed-use urban developments
The district will feature a total built-up area exceeding 1 million square meters and will be located adjacent to the King Salman Park metro station, providing strong connectivity across Riyadh and within the park itself.
The development will be residential-led, spanning more than 400,000 square meters, and will include:
- Approximately 3,700 residential units
- A best-in-class K-12 school
- Around 300 hospitality keys
- More than 100,000 square meters of Grade A office space
- A wide variety of retail and dining offerings
The district will be delivered in line with international sustainability and wellbeing standards, targeting LEED and WELL Gold certification for key assets, with equivalent standards applied across the wider development.
Delivery momentum and future opportunities
King Salman Park continues to advance from planning to delivery, with significant progress across infrastructure works, public realm development, and cultural anchor assets.
To date, 93% of associated construction packages have been awarded, marking continued momentum as the project moves into its next development phase.
As infrastructure delivery advances and development interfaces become clearer, early participation in the project provides strong positioning within the Park's long-term urban hierarchy.
Executive statements
George Tanasijevich, CEO of King Salman Park Foundation, said:
"Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park. It reflects confidence in the project's fundamentals and the Foundation's delivery framework. Our partners bring not only capital, but also experience and perspective that help raise standards and contribute to Riyadh's evolution as a global city."
He added that the Foundation looks forward to concluding the transaction with Kolaghassi Development Company and its partners Al Othaim Investment and RXR as the district moves toward delivery.
Ali Kolaghassi, Chairman and CEO of Kolaghassi Development Company, commented:
"This project represents a significant long-term commitment for Kolaghassi Development Company in Saudi Arabia. Working alongside the King Salman Park Foundation, we are taking full responsibility for delivering a complex residential-led mixed-use district at scale, drawing on our international development experience and embedding it within the Kingdom's evolving urban framework."
Sultan Al Hudaithi, Vice-Chairman and Managing Director of Mulkia Investment Company, added:
"King Salman Park represents a compelling opportunity to invest at scale in a project of global significance. The clarity of the Foundation's vision, the strength of the master plan, and Riyadh's long-term fundamentals were central to our investment decision. We see this development as a platform for sustained growth and long-term value creation."
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