The Sports Track Foundation, Ajdan Real Estate Development Company and Albilad Financial Company signed an agreement to establish a private real estate investment fund worth SAR 1 billion to develop a mixed-use project to develop the Arts District, one of the eight districts of the Sports Track project.

Sports Track Foundation has signed an agreement with Ajdan Real Estate Development Company and Albilad Financial Company to establish a private real estate investment fund worth SAR 1 billion. The fund is a unique model of cooperation between the public and private sectors, as Al Masar Sports Development and Real Estate Investment Company will be a major partner in the fund, while Ajdan Real Estate Development Company will develop the real estate of the project, in addition to joining as a co-investor in the fund, and Albilad Financial Company will take over the management of the fund.“

Bilad Financial Company will manage the fund.

Build a range of residential, office, commercial and entertainment facilities

The project aims to build a variety of residential, office, commercial and recreational facilities that will be implemented according to the urban code of the Sports Track, which is derived from the principles of Salmani architecture, and will extend over an area of 20,000 square meters within the Sports Track project located on Prince Mohammed bin Salman Road, and will include building areas of about 120,000 square meters with a total rental area of more than 60,000 square meters, providing a lively experience for residents and visitors alike.

Jane McGivern, CEO of the Sports Track Foundation, said: "The establishment of a real estate investment fund and this strategic partnership is an important step in furthering Riyadh's progress in urban development, and reflects our commitment at Sports Track to achieve our vision of improving the quality of life in Riyadh to be one of the best cities in the world, which will contribute to the growth of the region and the realization of the Kingdom's Vision 2030.“

The CEO of Sports Track, Jane McGivern, said.

Providing world-class facilities for Riyadh residents

She noted that through collaboration with partners, the Arts District at the Sports Track will be equipped with world-class facilities that will make a positive impact on all aspects of the Riyadh community, including creating new jobs, enabling residents to make healthier and more sustainable lifestyle choices, and contribute to reshaping the landscape of Riyadh."

Riyadh City Council's Chief Executive Officer, Mr. Abdulrahman Bin Rashid, said: ”The Arts District at the Sports Track is a great opportunity for the city's residents to enjoy a healthy lifestyle and contribute to the development of the city's landscape. “We are proud to announce the establishment of a real estate investment fund as part of the strategic partnership with Al Masar Sports Development and Real Estate Investment Company and Albilad Financial, as this investment will support the realization of the common goal of the Sports Track project by providing world-class facilities for the residents of Riyadh, and will play a key role in supporting the Kingdom's efforts to achieve the goals of the Kingdom's Vision 2030.”

Ajdan CEO Mohammed Al-Otaibi expressed his pride in announcing the establishment of a real estate investment fund as part of the strategic partnership with Al Masar Sports Development and Real Estate Investment Company and Albilad Financial Company. He said: "The unique quality of the project will contribute to responding to the growing demand for quality of life projects and creating unique and integrated communities that suit the modern lifestyle."

The investment will support the realization of the common goal of the Sports Track project by providing world-class facilities for the residents of Riyadh city and will play a key role in supporting the Kingdom's efforts to achieve the goals of the Kingdom's Vision 2030.

Achieving the highest quality of life

For his part, Zaid Al Mofreh, CEO of Albilad Financial Company, explained that this fund is an important step in the journey of the City of Riyadh projects in general - and the “Sports Track” project in particular - through which it seeks to become one of the top 10 city economies in the world, within the targets of the ambitious Saudi Vision 2030, which aims to achieve the highest levels of quality of life.

For his part, Al Mofreh pointed out that this fund is an important step in the journey of Riyadh in general. Albilad Capital looks forward to working with its partners in this qualitative fund to achieve the goals of the Saudi vision and the objectives of the unique sports track project, and will invest in its technical and human capabilities to continue to excel in managing qualitative products and harness its expertise to achieve the objectives of the fund and its investors.

Mufreh pointed out that Albilad Financial Company looks forward to working with its partners in this qualitative fund to achieve the goals of the Saudi vision and the objectives of the unique sports track project. It is noteworthy that the Arts District is one of the eight areas of the Sports Track project located on Prince Mohammed bin Salman bin Abdulaziz Road with the first Prince Turki bin Abdulaziz intersection, which extends over an area of 184,000 square meters, and will include diverse and unique components characterized by recreational activities, including pedestrian and bicycle paths, and will become a vital center for sustainable mobility, taking into account the highest environmental preservation standards, as well as exceptional artistic features that add elegance to the existing mobility paths.

The project will feature exceptional artistic features that add elegance to its mobility paths.

<The "Sports Track" project is one of the major projects for the city of Riyadh, which was launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God support him - on 12 Rajab 1440 AH corresponding to March 19, 2019, and receives follow-up and attention from His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister - may God protect him, and the project extends over 135 km on Prince Mohammed bin Salman bin Abdulaziz Road,4 million square meters of open green spaces and more than 50 sites for various sports.