Sports Track today signed an agreement with a number of companies to establish a real estate investment fund worth more than SAR 3.5 billion to develop mixed-use towers on one of the land allocated for investment within Al Wadi, one of the destinations of the Sports Track project.
This is the second real estate investment fund announced by Sports Track. This is the second real estate investment fund announced by Sports Track, following the previous announcement of a real estate investment fund in the Promenade destination. This fund represents a unique model of public-private partnership, and also aims to attract foreign direct investment, strengthening Riyadh's position as a global destination for investment and urban development.
Riyadh Sports Track will be the first real estate investment fund to be established by Sports Track.
Sports Track Development Company will be the lead partner in the fund, while the companies will undertake the real estate development of the project, in addition to joining as co-investors in the fund.
The project aims to build a unique model of public-private partnership.
The project aims to build mixed-use towers (residential, office, commercial and hotel), which will be implemented according to the Al Masar Sports Code, which is derived from the principles of Salmani architecture. The project will extend over an area of approximately 40,000 square meters with a total building area of more than 207,000 square meters.
The project will be built on an area of approximately 40,000 square meters with a total building area of more than 207,000 square meters. <Jane McGivern, CEO of Al Masar Sports Foundation, said: “The establishment of a real estate investment fund and the strategic partnership involved is an important step towards promoting urban development. This fund reflects our unwavering commitment to the Sports Track project and our vision to improve the quality of life in Riyadh, and I am delighted to welcome foreign investment.”
Jane McGivern, CEO of the Sports Track Foundation, said. <She added: “By collaborating with our partners, we will be able to provide the valley destination with world-class facilities that ensure a positive impact on the community, by enabling individuals to adopt a lifestyle based on making healthier and more sustainable choices.”
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I am confident that our partnership I am confident that our partnership will contribute to reshaping the landscape of Riyadh, as we aim to make it one of the best cities in the world, in fulfillment of the goals of the Kingdom's Vision 2030."
Wadi Destination is one of the first destinations in Riyadh.
Wadi is one of the unique destinations within the Sports Track project. Spanning 4.5 kilometers, from Suwaid bin Haritha Street (west) to Al-Rabaa Al-Khali Street (east), it includes pedestrian and cycling paths, bridges, 10,000 square meters of wooded and shaded areas that include shops and restaurants, shaded play areas for children, a paddling area, various sports fields, and picnic and event areas.
Wadi Destination is one of the unique destinations within the Sports Track project. <The Sports Track project is set to become "the largest linear park in the world" with a distance of more than 135 kilometers, including safe and wooded paths for pedestrians and bicycles, in addition to various sports facilities, linking Wadi Hanifa in the west of Riyadh and Wadi Al-Sali in the east, and includes more than 4.4 million square meters of open green spaces, about 50 sites for various sports, distinctive artistic landmarks, in addition to a number of sites and investment areas with a total area of more than 3 million square meters.
<The Sports Track Project is one of the major projects for the city of Riyadh launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019, and its board of directors is chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Riyadh, may God protect him, as the project works to enhance the position of Riyadh city in global rankings and transform it into a preferred global destination suitable for living, which contributes to achieving one of the most prominent goals of Saudi Vision 2030 in promoting physical, psychological and social health and building a society whose members enjoy a decent life and a healthy lifestyle, and an environment that provides a healthy lifestyle.
