Riyadh | BETH

The King Salman Park Foundation announced the award of the fourth package of its investment program within the project to a consortium led by Retal Urban Development Company, with a value exceeding SAR 3.2 billion, to develop a mixed-use project in the Cultural District that includes more than 600 residential units and 140 hotel rooms, in addition to office and commercial spaces.

The foundation also announced the award of the fifth package to a consortium led by Golagasi Real Estate Development Company, with a value exceeding SAR 11 billion, to develop a mixed-use urban area with a built-up area exceeding one million square meters, including about 3,700 residential units and more than 300 hotel units, in addition to office and commercial spaces.

This comes as part of the ongoing development phases of the King Salman Park project, which extends over an area of approximately 11 square kilometers. Upcoming plans include the development of tower zones overlooking the park’s green heart, in addition to a championship-standard golf community with a luxury residential district, as well as a multi-use zone featuring an arena for events and facilities for exhibitions and conferences.

BETH Analysis

These contracts reflect the continued pace of construction and implementation of Saudi Vision 2030 projects, as King Salman Park is gradually transforming from a planning project into an integrated urban ecosystem that combines housing, culture, entertainment and investment.

The value of the new investment packages also indicates the expanding role of the private sector and development alliances in implementing major projects, strengthening Riyadh’s position as one of the rising global cities in urban development and quality of life.