In an exciting development for Saudi real estate, the King Salman Park Foundation has entered into a substantial partnership with Ajdan Real Estate and SEDCO Capital to create a $1 billion mixed-use district. This strategic collaboration aims to redefine urban living in Riyadh through the establishment of a residential-led neighborhood within the sprawling King Salman Park. By integrating diverse components, this project reflects a progressive vision for urban development in the region.
The partnership is backed by a significant investment of SR3.8 billion ($1 billion), focusing on the creation of a vibrant urban community. This initiative promises over 600 residential units, more than 200 hotel rooms, 45,000 square meters of office space, and an array of retail and service facilities, creating a dynamic environment for residents and visitors alike.
Located along Oruba Road and adjacent to the Royal Arts Complex, the 106,000-square-meter site will ensure seamless access to a wide range of cultural and entertainment offerings available in the park. This accessibility is expected to enhance the appeal of the development, making it a focal point for the community.
King Salman Park Real Estate in Saudi Arabia
Innovative in its approach, the new investment model aims to attract institutional capital by creating a partnership wherein the King Salman Park Foundation provides the land while private sector entities contribute the necessary capital. This strategic initiative is designed to form a transparent and trustworthy platform that appeals to institutional investors and esteemed developers.
The foundation underscored that this model is pivotal in establishing a foundation for the project through a competitive RFP process, evaluating submissions based on commercial value, design quality, and execution capability. Ajdan Real Estate emerged as the chosen partner through this thorough evaluation process.
Over the past six years, King Salman Park has made notable strides in transforming its 17-square-kilometer area from conceptual vision to tangible progress in infrastructure, landscaping, and public spaces. This transformational journey reflects the commitment to enhancing urban life in the region.
Mixed-Use Real Estate
The King Salman Park Foundation emphasized that this project embodies the vision of King Salman Park by merging residential, hospitality, office, and commercial elements into a unified urban landscape. Future opportunities and partnerships will also be revealed as the project evolves.
George Tanasijevich, the CEO of the King Salman Park Foundation, stated that the fund represents more than just a financial structure, asserting, “Our collaboration with institutional partners strengthens our commitment to delivering a sustainable and vibrant urban future.”
Meanwhile, Mohammed Al Otaibi, CEO of Ajdan Real Estate, expressed pride in the collaboration, stating: “We are proud of this partnership, which reflects a shared vision to create a human-centered, fully integrated neighborhood within King Salman Park. The development sets a new benchmark for sustainable and mixed-use urban design in Riyadh.”
Abdulwahhab Abed, CEO of SEDCO Capital, highlighted the maturity of Saudi Arabia’s real estate investment landscape through this partnership, aiming to deliver enduring economic and social value. He noted that the project aligns with the aspirations of Saudi Vision 2030, which promotes a sustainable, vibrant, and green Riyadh.
Riyadh Real Estate
The foundation remarked that the mixed-use fund stands as a critical milestone in the evolution of King Salman Park, focusing on creating an integrated urban ecosystem that enriches quality of life. This initiative reinforces Riyadh’s status as a prominent investment hub and a world-class city for residents.