Riyadh Development Company (ARDCO) announces the signing of an agreement to establish a real estate investment fund between Riyadh Development Company, the Sports Boulevard Company for Real Estate Development & Investment, the Turkish FTG Development Company.
The established real estate investment fund will develop a mixed-use real estate project in the URBAN WADI, one of Sports Boulevard’s destinations in the capital city, Riyadh, and appointing the Riyadh Development Company and FTG Development alliance as the real estate developer for the project
The value of the contract is over 3.5 billion Saudi riyals.
The project is located within the domain of the Sports Boulevard, in one of the most prominent strategic locations in the heart of the capital, at the intersection of King Fahd Road and Prince Mohammed bin Salman Road. It extends over an area of 39,759 square metres, with built-up areas exceeding 207,000 square metres, becoming one of the most important landmarks that will contribute to redefining the skyline of the city of Riyadh through the development of a mixed-use project within the “Sports Boulevard” project.
The fund includes “Sports Boulevard Company for Real Estate Development and Investment” as a main investor by contributing the land (in-kind investor), Riyadh Development Company as a local investor, and FTG Development Company through foreign direct investment. The alliance between Riyadh Development Company and the Turkish FTG Development Company will undertake the real estate development work for the project, while Jadwa Investment will assume the duties of managing the fund as a fund manager. Ownership percentages will be determined after completing the project study.
The duration of the contract is 7 years.
