New King Salman Park Real Estate Development Fund to drive Saudi construction boom
ALBAWABA – Amid the ongoing Saudi construction boom and the landmark Cityscape Global 2023 in Riyadh exhibition, Saudi Arabia has announced Monday the launch of yet another real estate development catalyst, the King Salman Park Real Estate Development Fund.
In the last few years, the Saudi construction boom has brought about over $1 trillion in new infrastructure and property investments, with the Cityscape Global 2023 in Riyadh adding more than $17 billion to the pile.
Construction is critical to Crown Prince Mohammed bin Salman’s Vision 2023.
King Salman and Crown Prince Mohammed bin Salman are transforming Saudi Arabia - Twitter/X
To further fuel the Saudi construction boom, the King Salman Park Foundation has $1.07 billion King Salman Park Real Estate Development Fund, Zawya reported.
The new fund will focus on investments in the land plots within the park and will be managed and funded entirely by the private sector, according to the official Saudi Press Agency.
It will develop an area of more than 290,000 square meters on the long term, but will start in District One of the King Salman Park.
Saudi Fransi Capital will be the fund manager, while King Salman Park Investment and Real Estate Development Company will be the master developer. Naif al-Rajhi Investment Company will be the real estate developer and master lessee of the project, the official statement confirmed.
Transformation is happening amid Saudi construction boom
More than 1,500 residential units will be built, including Salmani-style apartments and townhouses. In addition to 140,000 square meters of Gross Leasable Area (GLA) for offices and retail, hotels, schools, and several educational, health, sports, recreational and social facilities.
The King Salman Park is one of Riyadh’s four mega projects was launched by Saudi King Salman Bin Abdulaziz on 19 March 2019, and covers 16.7 square kilometres in a strategic location. It is also connected to several main roads and linked to the Riyadh Metro and the Riyadh Bus station network.
