This partnership culminated in the appointment of this new entity as the development manager of a real estate investment fund established with Al Masar Sports Development and Real Estate Investment Company and Riyadh Development Company.Riyadh Development Company and FTG Development as investors in the fund and managed by Jadwa Investment Company, with the aim of developing a mixed-use tower project (residential, commercial, hotel and office) in Al Wadi, one of the destinations of the Sports Track project at the intersection of King Fahd Road and Prince Mohammed bin Salman Road in Riyadh, with a total project value exceeding 3.5 billion riyals.
The new entity was appointed as the development manager for a real estate investment fund established with Sports Track Development and Real Estate Investment Company, Riyadh Construction Company and FTG Group. The project aims to build mixed-use towers that will be implemented according to the urban code of the sports track derived from the principles of Salmani architecture, and will extend over an area of approximately 40,000 square meters within the sports track project to be used as a mixed-use development with a total building area of more than 207,000 square meters.
This partnership brings the total value of the project to more than 3.5 billion riyals.
This partnership is the first of its kind in Riyadh. This partnership integrates the local expertise of Riyadh Development, which has significant experience in developing real estate projects within the Kingdom, with the global expertise of FTG Development, especially in developing and managing residential and hotel real estate projects around the world.
Jihad bin Abdulrahman Al-Qadi, CEO of Riyadh Development Company, explained that this step comes within the framework of the company's strategy announced in early 2023 under the slogan “Investing for Growth”, through which Riyadh Development seeks to make strategic partnerships that ensure sustainable returns and maximize the total return for shareholders by investing in promising growth projects and strengthening its leading position in the field of real estate development and development management.
Riyadh Development Company's CEO, Jihad bin Abdulrahman Al-Qadi, explained that this step comes within the framework of the company's strategy that was announced at the beginning of the year 2023. “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.”
Riyadh's Sports Track project is an important part of the Kingdom's efforts to achieve the goals of the Kingdom's Vision 2030. <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 - may God bless him - 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 the Kingdom of Saudi Arabia. The project will enhance the position of Riyadh in the global rankings and transform it into a preferred global destination suitable for living, which contributes to achieving one of the most important goals of the Saudi Vision 2030 in promoting physical, psychological and social health and building a society whose members enjoy a decent life, a healthy lifestyle and an environment that provides an eco-friendly environment.
