The King Salman Park Foundation launched the King Salman Park Real Estate Development Fund at a total value of SAR 4 billion ($1.1 billion).
This marks the first public-private partnership project managed and funded entirely by the private sector. It focuses on the development of the first real estate investment in plots of land in the park.
Saudi Fransi Capital is the fund manager, while King Salman Park Investment and Real Estate Development Company is the master developer.
The foundation highlighted that this development project enables key partners and the fund’s capital structure to create an innovative risk and reward proposition for both equity and debt stakeholders.
“This partnership represents a major milestone for us,” said the CEO of King Salman Park Foundation George Tanasijevich.
“We believe it will attract more businesses and residents to Riyadh, contributing to the city’s overall growth and to the realization of the Saudi Vision 2030,” Tanasijevich added.
The investment fund will undertake the development of the first real estate investment site in King Salman Park, covering an area of over 290,000 square meters.
Meanwhile, the project site is in the early stages, located in District One of King Salman Park, west of the Visitor Pavilion, south of the Royal Arts Complex and east of King Abdulaziz Road.
Naif Saleh Al-Rajhi, Chairman and CEO of Naif Al-Rajhi Investment Group, voiced confidence in the success of the project, “especially since our partners are unified in vision and objectives which starts with our belief and commitment to Vision 2030.”
The mixed-use real estate development project will comprise more than 1,500 residential units that will include Salmani-style apartments and townhouses overlooking the park.
It spans 140,000 square meters of gross leasable areas for offices and retail, hotels, schools, and several educational, health, sports, recreational and social facilities.
