The Sports Boulevard Development Company has signed agreements with Rikaz Properties to establish a real estate investment fund worth more than US$186 million (SAR 700 million) to finance a five-star luxury hotel in Riyadh.
The fund will support development of the hotel in Urban Wadi, a mixed-use destination within the wider Sports Boulevard project. Rikaz Properties will participate as both developer and investor, while Al Jazira Capital will act as fund manager.
The deal is the third real estate investment fund announced by Sports Boulevard and takes the combined value of the three funds to more than US$1.6 billion.
Hotel to expand Urban Wadi
The planned hotel will be built on a 13,500-square-metre site and will have a gross floor area of 34,400 square metres. It will add to Urban Wadi’s hospitality and lifestyle offering, which brings together sports, nature, entertainment and community spaces.
Urban Wadi forms part of Sports Boulevard, a major urban development extending more than 135 kilometres across Riyadh. The project is designed to connect sports facilities, public spaces, cultural attractions and entertainment destinations through a network of pathways and cycling routes.
The development is part of Saudi Arabia’s broader Vision 2030 programme, which seeks to diversify the country’s economy and increase activity across tourism, entertainment, sport and culture.
For Riyadh, the project is also intended to support urban development by creating more public spaces and encouraging active lifestyles.
Private investment takes larger role
The latest fund reflects Sports Boulevard’s strategy of using private-sector investment to finance parts of the development.
The structure gives investors an opportunity to participate in hospitality infrastructure while supporting the expansion of destinations within the project.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the fund reflects investor confidence in the long-term value of the project. She added that the development is intended to support economic growth and improve quality of life in Riyadh.
The agreement follows Sports Boulevard’s second real estate investment fund, which was valued at more than US$1.4 billion. Combined with the latest fund and the first investment vehicle, the three funds now exceed US$1.6 billion in value.
Architecture combines heritage and modern design
Development at Urban Wadi will follow the Sports Boulevard Code, an urban design framework influenced by Salmani architecture.
The framework seeks to combine elements of Riyadh’s architectural heritage with contemporary urban planning. The objective is to create new destinations that remain connected to the city’s architectural identity.
The hotel will therefore form part of a broader destination rather than operate as a standalone hospitality development.
Sports Boulevard expands
The first phase of Sports Boulevard opened in February 2025. It introduced five destinations: Wadi Hanifah, the Promenade, the Arts Tower area, Princess Nourah bint Abdulrahman University’s internal loop and the first phase of Sands Sports Park.
The project has so far completed 85 kilometres of pathways and tracks. Its destinations have attracted millions of visitors from Saudi Arabia and overseas since opening.
The broader Sports Boulevard plan extends more than 135 kilometres through Riyadh. It is intended to connect major areas of the capital while creating spaces for walking, cycling, sports and outdoor activities.
The new hotel fund adds a hospitality component to that network. It also strengthens the project’s private investment model as Riyadh continues to develop large-scale destinations under Vision 2030.
For Sports Boulevard, the focus now extends beyond infrastructure. The addition of hotels, hospitality and lifestyle destinations is expected to broaden the range of uses and experiences available across the project as development progresses.
