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Launching a $186 million fund to develop the assets of the “Urban Valley” region Sports Boulevard Real Estate Development and Investment Company has signed agreements with Rikaz Real Estate Company to establish its third real estate investment fund, worth more than USD 186 million, to develop major assets including a five-star luxury hotel in the Urban Valley area in Riyadh. The fund will finance the development of the hotel in the Hattin district, where Rikaz Real Estate Company will play the role of developer and investor, while Al Jazeera Capital will manage the fund, according to an official statement. The project will be built on a plot of 13,500 square meters, with a total built area of about 34,400 square meters, according to the statement. “The Urban Valley” is a major destination within the “Sports Corniche” project in two whaits, and extends from Suwaid Bin Haritha Street in the west to the Empty Quarter Street in the east. The valley is designed to be an integrated destination that combines sports, nature, entertainment, hospitality and community spaces. The project follows the “Sports Corniche Charter”, an urban design framework inspired by Salmanic architecture, and aims to promote a coherent identity rooted in the character of Riyadh. Jane McGivern, CEO of Sports Boulevard, said the establishment of the fund represents an important step towards developing the project’s investment and development strategy. “The establishment of these two funds is an important step in strengthening the investment and development strategy of the project,” McGieven said. This reflects the confidence of our partners in the long-term value of Sport Boulevard, as well as our shared commitment to developing destinations that improve the quality of life, support economic growth and reinforce Riyadh’s position as one of the world’s best cities to live in.” The latter fund is part of Sport Boulevard’s strategy to partner with the private sector to develop major sports, hospitality, entertainment and lifestyle projects in its various destinations. Nayef Al Misnad, CEO of Al Jazeera Capital, said: “The management of Corniche Sports Fund 3 reflects our commitment to supporting investments that combine strong development potential and long-term urban value. Source: www.arabnews.com
Solutions by stc has signed an SAR 364 million, 18-month contract with Center3 to build a new data center in Dammam, part of Saudi Arabia's expanding digital infrastructure.
Petro Rabigh is advancing several strategic projects under its asset development program, including a debottlenecking project expected to become operational in Q3 2026.
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