US$186 Million Fund For Luxury Hotel in Riyadh City, Saudi Arabia Announced

Sports Boulevard Development Company has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than US$186 million, or SAR 700 million. The fund will finance a five-star hotel in Urban Wadi, a mixed-use destination within the Sports Boulevard project in Riyadh, Saudi Arabia.

Rikaz Properties will participate as developer and investor, while Al Jazira Capital will serve as fund manager.

The hotel is planned for a 13,500-square-meter site and will have a gross floor area of 34,400 square meters. Urban Wadi combines sport, nature, entertainment, hospitality and community uses.

Development within Urban Wadi follows the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The code combines Riyadh’s architectural heritage with contemporary urban design.

The agreement follows Sports Boulevard’s second real estate investment fund, valued at more than US$1.4 billion. Sports Boulevard has signed agreements for three funds with a combined value exceeding US$1.6 billion.

Sports Boulevard extends for more than 135 kilometers across Riyadh and is planned to connect sports facilities, public spaces, cultural attractions and entertainment destinations. The project is among developments in Saudi Arabia across tourism, entertainment, sport and culture under Saudi Vision 2030.

The project’s first phase opened in February 2025. It introduced Wadi Hanifah, the Promenade, the Arts Tower area, Princess Nourah bint Abdulrahman University’s internal loop and the first phase of Sands Sports Park.

At the time of the announcement, completed pathways and tracks totaled up to 85 kilometers. The destinations have welcomed millions of visitors from Saudi Arabia and abroad since opening.