The King Salman Park Foundation has entered into a strategic partnership with Ajdan Real Estate and SEDCO Capital to establish a SAR 3.8 billion ($1 billion) mixed-use investment fund aimed at developing a vibrant urban district within King Salman Park—one of the flagship projects of Saudi Vision 2030 and among the world’s largest urban parks.
According to the foundation’s press release, the project will create a dynamic residential-led mixed-use neighborhood featuring more than 600 homes, over 200 hotel rooms, 45,000 square meters of office space, and a range of retail and service amenities. The development will be situated on a 106,000-square-meter site along Oruba Road, adjacent to the Royal Arts Complex, offering prime accessibility and seamless integration with the park’s cultural and entertainment offerings.
The fund follows an innovative investment model in which the foundation contributes the land while private-sector partners provide capital, ensuring a transparent and bankable platform. The project was initiated through an extensive and flexible RFP process that assessed commercial value, design merit, and execution capability. Ajdan Real Estate’s proposal was ultimately selected.
King Salman Park
Over the past six years, King Salman Park has transitioned from concept to execution, with substantial progress in infrastructure, landscaping, and public realm development across its 17-square-kilometer footprint. The new fund marks a key milestone in the foundation’s real estate investment strategy, designed to attract leading institutional investors and premier developers to deliver integrated, high-quality urban communities surrounding the park.
The release emphasized that the project embodies this vision by uniting residential, hospitality, office, and commercial elements into a cohesive urban environment. Additionally, this announcement signals a new chapter in the park’s evolution, with additional partnerships and initiatives expected in the future.
George Tanasijevich, CEO of King Salman Park Foundation, noted that the fund represents more than an investment mechanism—it is a catalyst for creating a fully integrated urban destination that blends nature, culture, and community at the heart of Riyadh. “Our collaboration with institutional partners reinforces our commitment to building a sustainable and vibrant urban future,” he said.
Ajdan Real Estate CEO Mohammed Al Otaibi highlighted the shared ambition behind the partnership, stating: “We are proud to help create a human-centered, fully integrated neighborhood within King Salman Park. This development sets a new standard for sustainable, mixed-use urban design in Riyadh.”
SEDCO
SEDCO Capital CEO Abdulwahhab Abed added that the initiative underscores the strength and maturity of Saudi Arabia’s real estate investment sector, aiming to deliver enduring economic value and meaningful social impact in alignment with Vision 2030’s aspirations for a greener, more vibrant Riyadh.
Finally, the mixed-use fund stands as a pivotal milestone in advancing King Salman Park’s transformation into an integrated urban ecosystem—one that enhances quality of life and reinforces Riyadh’s standing as a leading global destination and investment hub.
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