Saudi Arabia's Sports Boulevard Launches $186 Million Real Estate Fund for Luxury Hotel
The Sports Boulevard Development Company in Riyadh, Saudi Arabia, has announced the establishment of a new real estate investment fund valued at over $186 million. This fund is aimed at financing a luxury five-star hotel in Urban Wadi, a part of the extensive Sports Boulevard project. The project, which spans more than 135 kilometers across Riyadh, is a key component of Saudi Vision 2030, focusing on enhancing tourism, entertainment, sports, and cultural sectors. The Sports Boulevard aims to connect various sports facilities, public spaces, and cultural attractions, promoting active lifestyles and improving access to green spaces. The fund is a collaboration between Rikaz Properties, which will act as the developer and investor, and Al Jazira Capital, serving as the fund manager.