King Salman Park Foundation revealed during its participation in MIPIM 2026 in Cannes, France, that the fifth package of the project was awarded to a consortium led by Gulagasi Real Estate Development to develop a new mixed-use urban area within the park, as part of the Foundation's wider real estate investment program.<The project will be implemented with the support of an investment fund regulated by the Capital Market Authority and managed by Mulkia Investment Company. The total value of the project is estimated at more than 11 billion Saudi riyals (3 billion dollars), and this award confirms the approval of the main development partners, while the parties are currently working to complete the final agreements.
At the same time during MIPIM 2026, the park announced investment packages worth more than SAR 14.3 billion ($3.8 billion) in new commitments from the private sector to develop a number of areas within the park's master plan, bringing the total investment to more than SAR 20 billion ($5.3 billion) across five major packages. The project will be developed through an investment fund managed by Mulkia Investment Company, which includes a group of Saudi and international investors. The King Salman Park Foundation will contribute its land to this investment structure, while private sector partners, along with local banks, will provide financing and development for the project.
This investment model represents one of the most prominent real estate investment initiatives led by the private sector and reflects the growing confidence of international developers and investors in King Salman Park as a promising global urban destination for investment.
Under the proposed agreement, Gulagasi will take over the development of the park's areas. King Salman Park Foundation CEO George Tanasevich said: “Attracting an investment of this magnitude, backed by international capital and expertise, represents an important milestone in the journey of King Salman Park. This reflects confidence in the project's fundamentals and the implementation framework adopted by the Foundation, as our partners add valuable capital and bring expertise and insights that contribute to raising standards and enhancing Riyadh's journey towards establishing itself as a global city.”
George Tanasevic, CEO of the King Salman Park Foundation, said.
For his part, Ali Gulaghasi, Chairman and CEO of Gulaghasi Real Estate Development, explained that this project represents a long-term and important commitment for the Gulaghasi Alliance in the Kingdom, which is responsible for implementing a large mixed-use urban area with a major residential character to be aligned with the overall urban framework in the Kingdom in cooperation with the King Salman Park Foundation and our partners in the project.For his part, Sultan Al-Hadithi, Vice Chairman and Managing Director of Mulkia Investment Company, described King Salman Park as an outstanding investment opportunity in a project with a global presence, as the company views this project as a platform that supports sustainable growth and contributes to long-term value creation.
Sultan Al-Hadithi, Vice Chairman and Managing Director of Mulkia Investment Company, said: "King Salman Park is an important investment opportunity in the Kingdom.
