Saudi Arabia’s Sports Boulevard unveils $932M Urban Wadi investment fund

Saudi Arabia’s Sports Boulevard Foundation has announced the launch of a SR3.5 billion ($932 million) mixed-use private real estate development fund, marking a significant step in the advancement of the Urban Wadi project. This fund, the second investment initiative launched by the foundation, follows the earlier real estate investment fund for the Promenade destination.

The newly established fund highlights a strategic partnership model between the public and private sectors, aimed at attracting foreign direct investments and enhancing Riyadh’s standing as a global hub for urban development and investment.

Structured as a private closed-ended fund, the Sports Boulevard Development Company will hold the majority stake, with participating companies serving as co-investors and developers.

Urban Wadi: A blend of tradition and modernity

Located in one of Riyadh’s most prestigious areas, the Urban Wadi High Rises development will feature a total gross floor area exceeding 207,000 square meters, spread over approximately 40,000 square meters of land.

The project will adhere to the Sports Boulevard Design Code, inspired by Salmani architecture, reflecting Saudi heritage while embracing modern design principles.

Jayne McGivern, CEO of the Sports Boulevard Foundation, emphasized the initiative's significance:

“Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development. This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in Riyadh. Through collaboration with our partners, we aim to deliver world-class facilities that contribute to creating job opportunities and enabling healthier, more sustainable lifestyles.”

McGivern underscored that the initiative aligns with Saudi Vision 2030, which aims to transform Riyadh into a leading global city, fostering regional growth and economic development.

Key features and amenities

The Urban Wadi spans 4.5 kilometers, stretching from Suwaid bin Harthah Street in the west to Ar Rub Al-Khali Street in the east. Designed as a dynamic, immersive experience for residents and visitors, it incorporates innovative urban planning with sustainability in mind.

Highlights of the Urban Wadi project include:

• Pathways for pedestrians and cyclists
• Bridges and shaded structures spanning 10,000 square meters with shops and restaurants
• Shaded play areas for children
• A kayaking zone
• Multiple sports courts and event spaces

A low-flow water canal surrounded by lush greenery is at the heart of the project. The canal is recirculated for fountains and natural cooling, enhancing comfort while maintaining sustainability.

Sports Boulevard project

The Sports Boulevard project itself stretches more than 135 kilometers along Prince Mohammed bin Salman bin Abdulaziz Road, connecting Wadi Hanifah in the west with Wadi Al Sulai in the east. It features an interconnected network of safe green pathways for pedestrians, cyclists, and athletes.

With over 4.4 million square meters of open green spaces and up to 50 multidisciplinary sports facilities, the project stands as a cornerstone of Riyadh’s urban transformation. Unique investment zones within the Sports Boulevard cover more than 3 million square meters, offering vast opportunities for private and public sector collaboration.

A catalyst for Riyadh’s growth

The Urban Wadi development and its associated investment fund serve as pivotal components of Saudi Arabia’s strategy to transform Riyadh into a modern, sustainable, and vibrant global city. By combining cutting-edge urban design with robust investment opportunities, the initiative will foster economic growth, create jobs, and redefine the city’s landscape.

The Sports Boulevard Foundation’s focus on innovation, sustainability, and community well-being ensures the project will play a significant role in achieving the goals of Saudi Vision 2030 while enhancing the quality of life for residents and visitors alike.