Saudi Sports Boulevard Foundation Boosts Investment to $533 Million
The Sports Boulevard will be a major real estate development with mixed-use lifestyle destination consisting of residential, retail, office, and entertainment components.
2 min
The Sports Boulevard Foundation in Saudi Arabia has announced a significant increase in its real estate investment fund, boosting it to $533 million. This initiative is part of a major real estate development aimed at transforming Sports Boulevard into a comprehensive mixed-use destination featuring residential, retail, office, and entertainment spaces.
The decision to double the investment fund was made in collaboration with Ajdan Real Estate Development Company and Albilad Capital, raising the fund’s value from an initial $267 million to $533 million. This move is designed to enhance private sector involvement in the Arts District, a key component of the Sports Boulevard project.
This expansion underscores a fruitful partnership with Ajdan Real Estate Development Company, which serves as the developer and primary investor, while Albilad Capital manages the fund, and the Sports Boulevard Development Company will remain the major unitholder in the fund. This strategic alliance aims to create a vibrant urban space that will enhance the cultural and economic fabric of Riyadh.
The project spans over 39,000 square meters in the heart of the Arts District, with a total built-up area of approximately 240,000 square meters, including over 100,000 square meters of net leasable area.
The design of the destination is influenced by the Sports Boulevard Design Code, which draws inspiration from the Salmani Architectural Style, promising a dynamic and immersive lifestyle experience for residents and visitors.
Located at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the Art District is part of a larger project that extends across 184,000 square meters.
It offers an enchanting public realm that emphasizes recreational activities, sufficient pedestrian spaces, and cycling-friendly tracks, all seamlessly connected to the Promenade and cycling bridge.
Launched by King Salman bin Abdulaziz on March 19th, 2019, the Sports Boulevard project is one of Riyadh’s largest initiatives. It stretches over 135 kilometers, linking Wadi Hanifah in the west with Wadi Al Sulai in the east, and includes more than 4.4 million square meters of greenery, up to 50 sports facilities, and several unique investment zones totaling over 3 million square meters.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
2 min
Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
