Sports Boulevard launches SAR 700M investment fund to develop Riyadh hotel

Signing ceremony

The Sports Boulevard Real Estate Development and Investment Co. has signed contracts to establish the third real estate investment fund with Rikaz Properties, with a combined value of more than SAR 700 million, to develop key assets within Urban Wadi in the city of Riyadh.

The third fund will support the development of a luxury five-star hotel within Urban Wadi in Hittin District, in partnership with Rikaz Properties as developer and investor, and Al Jazira Capital as fund manager, according to the company’s statement.

The project will be developed on a land area of approximately 13,500 square meters, with a gross floor area of around 34,400 square meters, contributing to the growth of the project’s hospitality and lifestyle offering.

The Sports Boulevard is one of Riyadh’s mega projects. Upon completion, it will extend for more than 135 kilometres through an interconnected network of sports, environmental, and entertainment destinations. The project aims to strengthen Riyadh’s global ranking and support its transformation into one of the world’s most liveable cities.

Five destinations were inaugurated during the first phase of the Sports Boulevard project in February 2025. The destinations include Wadi Hanifa Destination, the Promenade Destination, the section between the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz I Road, the inner track of Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park.