SAR 700m Fund to Build Five-Star Hotel in Riyadh

Sports Boulevard Real Estate Development and Investment Company has launched its third real estate investment fund, valued at more than SAR 700 million, to develop assets within Urban Wadi in Riyadh's Hittin District. The fund's primary asset is a luxury five-star hotel, financed entirely through this fund structure.

The hotel project sits on a site of roughly 13,500 square metres, with a planned gross floor area of about 34,400 square metres. Rikaz Properties acts as developer and investor in the fund and the hotel project, while Al Jazira Capital serves as the fund manager.

This is described as the third Sports Boulevard investment fund, bringing the total value of signed Sports Boulevard funds to more than SAR 6.2 billion. A separate closed-ended fund of around SAR 3.5 billion covers Urban Wadi High Rises, a distinct mixed-use high-rise development within the same area.

Why it matters

Urban Wadi is one of the mixed-use destinations spread along the 135-kilometre Sports Boulevard in Riyadh, designed to bring together hospitality, dining, retail, cycling, walking, and outdoor activity spaces. The new hotel adds to the growing hospitality offering along the route, expanding options for residents and visitors alike.

As of August 2026, no official details have been published on guest room prices, nightly rates, an opening date, or booking channels for the Urban Wadi hotel, which remains in development. Involvement in the fund appears limited to the institutional partners named in the agreements.

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