The Sports Boulevard Development Company signed agreements with Rikaz Properties on August 12, 2026, to establish its third real estate investment fund valued at more than US$186 million, or SAR 700 million, according to official project announcements. The fund will finance the construction of a luxury five-star hotel in Urban Wadi, marking the latest expansion of Riyadh’s 135-kilometre Sports Boulevard project.
Financing Structure and Partners
According to project disclosures, Rikaz Properties will participate in the initiative as both developer and investor, while Al Jazira Capital will manage the fund. The newly announced US$186 million fund follows a larger second real estate investment fund valued at more than US$1.4 billion. With this latest agreement, the Sports Boulevard project has secured a combined value exceeding US$1.6 billion across its three established funds.
Jayne McGivern, CEO of the Sports Boulevard Foundation, stated that the fund strengthens the project’s investment strategy. “It reflects our partners’ confidence in the long-term value of the Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh’s position as one of the best cities in the world to live in,” McGivern said according to the official release.
Hotel Specifications and Urban Wadi Design
The planned five-star hotel will occupy a 13,500-square-metre site with a gross floor area of 34,400 square metres, expanding the hospitality and lifestyle offerings within Urban Wadi. Urban Wadi functions as a mixed-use destination along the corridor, designed to combine sports, nature, entertainment, hospitality, and community spaces.
Development within Urban Wadi adheres to the Sports Boulevard Code, an urban design framework inspired by Salmani architecture. The code blends Riyadh’s traditional architectural heritage with contemporary urban design standards to maintain the city’s distinct character.
Broader Context of Saudi Vision 2030
The hotel development operates under the wider umbrella of Saudi Vision 2030, which promotes infrastructure growth across tourism, entertainment, sports, and culture in the kingdom. Spanning more than 135 kilometres along Prince Mohammed bin Salman bin Abdulaziz Road, the Sports Boulevard connects Riyadh from west to east through green pathways for pedestrians, cyclists, athletes, and horse riders.
The broader initiative incorporates more than 4.4 million square metres of greenery and open spaces, alongside up to 50 multidisciplinary sports facilities and artistic landmarks across districts exceeding 3 million square meters. The project’s first phase opened in February 2025, introducing 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—along with 85 kilometres of completed pathways and tracks that have welcomed millions of visitors.