Saudi Arabia’s King Salman Park Foundation has signed a SR3.8bn ($1bn) strategic partnership with Ajdan Real Estate and SEDCO Capital to establish a mixed-use investment fund that will deliver a new residential-led urban district within King Salman Park.
The project will create a vibrant and integrated neighbourhood comprising more than 600 residential units, over 200 hotel rooms, 45,000sq me of office space, and a diverse range of retail and service facilities.
The 106,000sq m site is located along Oruba Road, adjacent to the Royal Arts Complex, providing seamless connectivity to the park’s cultural and entertainment offerings.
King Salman Park real estate in Saudi Arabia
A new investment model to attract institutional capital
The fund represents an investment structure in which the foundation provides the land while the private sector contributes capital.
The foundation said this model creates a transparent and bankable platform designed to attract institutional investors and top-tier developers.
The project was launched through a competitive RFP process that assessed proposals based on commercial value, design quality and execution capability. Ajdan Real Estate’s submission was selected following this evaluation.
Over the past six years, King Salman Park has made significant progress across its 17-square-kilometre footprint, moving from conceptual vision to major advancements in infrastructure, landscaping and public-realm delivery.
Mixed use real estate
The foundation said the project reflects King Salman Park’s vision by integrating residential, hospitality, office and commercial components into a cohesive urban fabric.
It also noted that additional opportunities and partnerships will be announced as the project continues its development trajectory.
George Tanasijevich, CEO of King Salman Park Foundation, said the fund represents far more than a financial structure. He said: “Our collaboration with institutional partners strengthens our commitment to delivering a sustainable and vibrant urban future”.
Mohammed Al Otaibi, CEO of Ajdan Real Estate, said: “We are proud of this partnership, which reflects a shared vision to create a human-centred, fully integrated neighbourhood within King Salman Park. The development sets a new benchmark for sustainable and mixed-use urban design in Riyadh.”
Abdulwahhab Abed, CEO of SEDCO Capital, said the partnership demonstrates the maturity of Saudi Arabia’s real estate investment landscape and aims to deliver lasting economic and social value. He noted that the project is aligned with the ambitions of Saudi Vision 2030 for a sustainable, vibrant and green Riyadh.
Riyadh real estate
The foundation said the mixed-use fund represents a pivotal milestone in the evolution of King Salman Park as an integrated urban ecosystem that enhances quality of life and reinforces Riyadh’s position as a leading investment hub and a world-class city to live in.
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