The fund will finance a five-star hotel in Urban Wadi, one of the unique mixed-use destinations being developed along Riyadh's 135-kilometre Sports Boulevard
RIYADH, Saudi Arabia, Aug. 12, 2026 /PRNewswire/ -- The Sports Boulevard Development Company has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than US$186 million (SAR 700 million). The fund will finance a luxury five-star hotel in Urban Wadi, a destination within the Sports Boulevard project in Riyadh, Saudi Arabia.
Saudi Arabia is developing projects across tourism, entertainment, sport and culture as part of Saudi Vision 2030. Riyadh, the country's capital, is home to several of these developments, including Sports Boulevard. Extending for more than 135 kilometres across the city, Sports Boulevard will connect sports facilities, public spaces, cultural attractions and entertainment destinations. It aims to encourage active lifestyles, improve access to green spaces and support Riyadh's development as a more connected and liveable city.
Rikaz Properties will participate as developer and investor, while Al Jazira Capital will serve as fund manager. The hotel will be developed on a site of 13,500 square metres, with a gross floor area of 34,400 square metres, expanding Urban Wadi's hospitality and lifestyle offering.
Urban Wadi is a mixed-use destination within Sports Boulevard, designed to bring together sport, nature, entertainment, hospitality and community experiences.
Development within Urban Wadi follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The code combines Riyadh's architectural heritage with contemporary urban design to create places reflecting the city's character.
The fund advances Sports Boulevard's private-sector partnership model by creating investment opportunities, supporting economic growth and broadening experiences for residents and visitors.
"This fund represents an important step in strengthening the project's investment and development strategy," said Jayne McGivern, CEO of the Sports Boulevard Foundation. "It reflects our partners' confidence in the long-term value of the Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh's position as one of the best cities in the world to live in."
The agreement follows Sports Boulevard's second real estate investment fund, valued at more than US$1.4 billion. Sports Boulevard has now signed agreements for three funds with a combined value exceeding US$1.6 billion.
The project's first phase opened in February 2025, introducing five destinations: Wadi Hanifah, the Promenade, the Arts Tower area, Princess Nourah bint Abdulrahman University's internal loop and the first phase of Sands Sports Park along with a completed total distance up to date of 85km of pathways and tracks Since opening, these destinations have welcomed millions of visitors from Saudi Arabia and abroad.
About Sports Boulevard
The Sports Boulevard project extends more than 135 kilometres along Prince Mohammed bin Salman bin Abdulaziz Road, connecting the capital city of Saudi Arabia from west to east through a network of safe green pathways for pedestrians, cyclists, athletes and horse riders. The project includes more than 4.4 million square meters of greenery and open spaces and up to 50 multidisciplinary sports facilities. Artistic landmarks feature throughout. In addition, there are several unique districts and investment zones, covering a total area exceeding 3 million square meters.
To find out more about the project, visit the Sports Boulevard website: https://sportsboulevard.sa/en
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