The Sports Boulevard Foundation has announced the establishment of a private real estate investment fund worth over SR3.5 billion to develop the Urban Wadi High-Rises, a flagship destination within the Sports Boulevard project. In collaboration with Riyadh Development Company, FTG Development, and Jadwa Investment, the fund marks the second major investment initiative launched by Sports Boulevard, following the success of the real estate fund for the Promenade destination. This partnership model aims to attract Foreign Direct Investments and elevate Riyadh's global stature in urban development and sustainability. The fund is structured as a private closed-ended fund, with Sports Boulevard Development Company as the majority unit-holder. Riyadh Development Company and FTG Development will act as co-investors and developers, while Jadwa Investment will oversee fund management. Located in a prime area of Riyadh, the Urban Wadi High-Rises project spans over 207,000 square meters of gross floor area and occupies approximately 40,000 square meters of land. The development will adhere to the Sports Boulevard Design Code, inspired by Salmani architecture, and aims to create a dynamic environment for residents and visitors with mixed-use spaces, including sports facilities, retail, and leisure areas. Jayne McGivern, CEO of the Sports Boulevard Foundation, highlighted the significance of the project, stating: "This fund reflects our commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. It represents a transformative step toward enhancing urban development, attracting inward investment, and contributing to the ambitious goals of Saudi Vision 2030." Urban Wadi will feature a 4.5-kilometer water canal surrounded by lush greenery, shaded pathways for pedestrians and cyclists, sports courts, event spaces, and family-friendly facilities such as play areas and restaurants. The canal will utilize sustainable water recirculation methods for natural cooling and decorative features. Riyadh Development Company CEO Jehad Alkadi emphasized the partnership's alignment with Saudi Vision 2030, adding: "This project showcases best practices in design and construction, fostering a lifestyle centered on sustainability, productivity, and health." The Sports Boulevard project spans 135 kilometers along Prince Mohammed bin Salman Road, connecting Wadi Hanifah to Wadi Al Sulai. Encompassing 4.4 million square meters of greenery, 50 sports facilities, and several investment zones, the project is a cornerstone of Riyadh's urban transformation. — SG
