RIYADH: A real estate fund totaling SR1 billion ($266 million) has been established in Saudi Arabia following the signing of an agreement with the Sports Boulevard Foundation. The deal was forged with Ajdan Real Estate Development Co., and Albilad Capital. This fund is dedicated to developing private plots within the Arts District, one of Riyadh’s eight sectors comprising the Sports Boulevard project. The closed-ended real estate investment fund, managed by Albilad Capital, represents a strategic alliance aligning the project with private sector interests. The Sports Boulevard Development Co. will be the major unitholder, while Ajdan Real Estate Development Co. will serve as a developer and co-investor and Albilad Capital will act as the fund manager. Spanning over 20,000 sq. meters within the Sports Boulevard on Prince Mohammed bin Salman Road, the project will feature a built-up area of over 120,000 sq. meters. It aims to offer a mix of residential, retail, office, and entertainment spaces. Adhering to the Sports Boulevard’s Design Code, inspired by Salmani principles, the development promises approximately 60,000 sq. meters of gross leasable areas, ensuring a dynamic experience for both occupants and visitors. “This strategic partnership is a leap forward in Riyadh’s urban development. Our collaboration with Ajdan Real Estate Development Co. and Albilad Capital will introduce world-class facilities to the Art District of Sports Boulevard,” Jayne McGivern, CEO of the SBF, said. “This partnership is anticipated to positively impact society in various aspects, from job creation to promoting sustainable lifestyle choices, contributing to Riyadh’s transformation into one of the most liveable cities in the world, aligning with Saudi Vision 2030,” McGivern added. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, expressed pride in establishing the Real Estate Fund through strategic partnerships, emphasizing its support for the Sports Boulevard’s mission to provide world-class facilities in Riyadh. Additionally, Zaid Al-Mufarih, CEO of Albilad Capital, highlighted the fund’s importance in transforming Riyadh into a top global city, in line with Saudi Vision 2030 and quality of life goals. The Arts District is located at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road. It extends beyond the private development parcels to an area of 184,000 sq. meters, offering a public space filled with recreational activities, pedestrian and cyclist-friendly paths, and distinguished artworks. Launched on Mar. 19, 2019, by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and supported by Crown Prince Mohammed bin Salman bin Abdulaziz, the Sports Boulevard is a key Riyadh mega-project. Spanning over 135 km, it connects Wadi Hanifah in the West with Wadi Al-Sulai in the East, featuring green pathways, 4.4 million sq. meters of greenery, open spaces, and up to 50 sports facilities.