Riyadh’s King Salman Park has strengthened its position as one of the kingdom’s most significant urban development projects, with the announcement of two major private-sector commitments unveiled at MIPIM 2026, together representing more than USD 3.8 billion in new investment.
The two awards, covering Package 4 and Package 5, mark another important step in the Foundation’s strategy of using regulated fund structures, development partnerships and institutional capital to bring forward residential-led mixed-use districts within the vast park project in central Riyadh. Together, they bring total committed investment to more than SAR 20 billion across five major packages, underlining the growing confidence of both Saudi and international investors in the long-term commercial and lifestyle potential of King Salman Park.
At the centre of the announcement are two separate but complementary developments: an USD 850 million cultural district scheme led by Retal Urban Development Company with a fund managed by SAB Invest, and a larger USD 3 billion metro-connected district led by Kolaghassi Development Company with a fund managed by Mulkia Investment Company.
A new phase of delivery at King Salman Park
The announcements are important not only for their scale, but for what they say about the stage King Salman Park has now reached. The project is moving beyond masterplanning and infrastructure preparation into a phase where private-sector development packages are being awarded and structured for delivery.
According to the Foundation, 93% of associated construction packages have already been awarded, with progress continuing across infrastructure works, public realm development and cultural anchor assets. That means the environment for vertical development is becoming clearer, giving investors and developers greater confidence about timing, interfaces and long-term positioning within the park’s wider urban hierarchy.
This matters because King Salman Park is far more than a standalone real estate scheme. Covering 17.2 sq km in the heart of Riyadh, it is one of the Kingdom’s most ambitious urban regeneration projects, designed to combine green space, culture, hospitality, leisure, commercial uses and residential communities in a single integrated destination. It also sits firmly within the wider goals of Vision 2030, especially around quality of life, liveability and the reshaping of Riyadh as a more dynamic global capital.
Package 4: an USD 850 million cultural district development
The first of the two MIPIM announcements confirms the award of Package 4, a residential-led mixed-use development in the heart of King Salman Park’s cultural district.
The package has been awarded to a consortium led by Retal Urban Development Company, working alongside Asasat and Bareeq Al Retaj, with the contemplated development to be supported by a fund managed by SAB Invest. The total project value is put at more than SAR 3.2 billion (USD 850 million). The award was completed in November 2025, with the parties now progressing the definitive agreements.
The location is one of the key attractions. Positioned in the park’s cultural district and close to major assets including the Royal Arts Complex, the scheme is designed to sit within the wider artistic, cultural and lifestyle ecosystem of King Salman Park rather than operating as an isolated residential project.
The district is expected to include:
- more than 600 residential units
- over 140 hotel keys
- almost 50,000 sq m of Grade A office space
- curated retail and food-and-beverage offerings
The emphasis appears to be on creating a relatively refined, culture-oriented mixed-use neighbourhood with a strong hospitality and office component, capable of benefitting from the surrounding cultural anchors while also contributing to the park’s day-to-day vitality.
Commenting on the award, George Tanasijevich, CEO of King Salman Park Foundation, said: “This award marks another meaningful step in shaping the next phase of King Salman Park. By partnering with a consortium that brings together strong local development expertise and long-term institutional investment, we continue to advance our vision for well-integrated neighborhoods that place culture, livability, and long-term value at their core.”
He added: “We are encouraged by the strong interest and conversations we continue to have and look forward to the positive contribution this district will make to the Park’s cultural and urban landscape.”
For Retal, the project also reflects the increasing sophistication of Saudi Arabia’s development and investment landscape. Abdullah AlBraikan, CEO and founder of Retal Urban Development Company, said: “We are honoured to partner with the King Salman Park Foundation on this landmark development. This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns and long-term community impact.”
From the capital markets side, Ali Almansour, CEO of SAB Invest, highlighted the importance of the fund model and the broader place-making ambition behind the district. He said: “We are proud to support the development of this landmark district within King Salman Park through a fund structure that brings together long-term capital, experienced development partners, and a shared commitment to place making excellence.”
He added: “Our focus is on stewarding investments that not only deliver sustainable financial returns, but also contribute to Riyadh’s cultural vibrancy and the Kingdom’s broader quality of life ambitions under Vision 2030.”
The wider consortium partners also used the announcement to underline both the strategic value of the project and the opportunity it represents for regional collaboration. Guy de Sousa, general manager of Asasat, said: “We proudly support King Salman Park, a landmark that redefines culture and lifestyle in Saudi Arabia.” He added that the company was committed to “enhancing customer experience delivering quality, innovation and efficiency in every project we do.”
For Bahrain-based Bareeq Al Retaj, the package also marks an entry point into the Saudi market. CEO Yousif Mohamed Bucheeri said: “We are honored to be part of the consortium partnering with the King Salman Park Foundation to develop one of the Kingdom’s most strategic and distinctive projects.” He added that the collaboration “represents a significant milestone for Bareeq Al Retaj, marking our entry into the Saudi market and supports our long-term regional expansion.”
Package 5: a metro-connected USD 3 billion district at scale
If Package 4 is closely tied to the park’s cultural core, Package 5 is a larger and more infrastructure-led proposition, centred on connectivity, scale and long-term institutional backing.
The Foundation announced the award of this package to a consortium led by Kolaghassi Development Company, with the contemplated development to be supported by a CMA-regulated fund managed by Mulkia Investment Company. The total project value exceeds SAR 11 billion (USD 3 billion).
Under the proposed agreement, Kolaghassi will work alongside Al Othaim Investment and RXR, the New York-headquartered real estate investor, operator and developer. The district will have a total built-up area exceeding 1 million sq m and is located adjacent to the King Salman Park metro station, giving it strong connectivity to both the rest of the park and the wider city of Riyadh.
The scheme will comprise a large-scale residential-led development of more than 400,000 sq m, including:
- approximately 3,700 residential units
- a best-in-class K–12 school
- approximately 300 hospitality keys
- more than 100,000 sq m of Grade A office space
- a broad mix of retail and dining offerings
The district is also being positioned as a sustainability-led development, with LEED and WELL Gold certification targeted for key assets and equivalent standards intended across the wider scheme.
The scale of the package, the international make-up of the consortium and the use of a Saudi-domiciled regulated fund all point to the increasingly institutional character of major real estate investment in the Kingdom.
Tanasijevich described the award as a significant marker of confidence. He said: “Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park. It reflects confidence in the project’s fundamentals and the Foundation’s delivery framework.”
He added: “Our partners bring not only capital, but also experience and perspective that help raise standards and contribute to Riyadh’s evolution as a global city.”
For Ali Kolaghassi, chairman and CEO of Kolaghassi Development Company, the project is about disciplined long-term execution rather than short-term visibility. He said: “This project represents a significant long-term commitment for Kolaghassi Development Company in Saudi Arabia.”
He continued: “Working alongside the King Salman Park Foundation, we are taking full responsibility for the delivery of a complex, residential-led mixed-use district at scale, drawing on our international development experience and embedding it within the Kingdom’s evolving urban framework.”
Kolaghassi added that the focus would be on “disciplined execution, integration with the park, and delivering a vibrant forward-thinking community district that performs commercially and endures over time.”
From the investment management side, Sultan Al Hudaithi, vice-chairman and managing director of Mulkia Investment Company, said: “King Salman Park represents a compelling opportunity to invest at scale in a project of global significance.” He pointed to “the clarity of the Foundation’s vision, the quality of the proposed master plan and development framework, and the long-term fundamentals of Riyadh” as central to the investment case.
Why these deals matter
Taken together, the two transactions show how King Salman Park is developing a layered investment model rather than relying on a single type of funding or development structure.
In both cases, the Foundation contributes land and uses regulated investment frameworks to attract private-sector capital, while development partners bring delivery expertise and, in some cases, access to wider institutional or international networks. That approach is significant because it suggests a maturing urban investment platform in Saudi Arabia, where public vision, private capital and market-led delivery are increasingly being aligned in more structured ways.
The Foundation itself describes this as a “disciplined, fund-led investment framework”, built around fund vehicles, land-in-kind joint ventures, and international development partnerships. For investors, that language matters. It signals governance, procurement clarity and a route into large-scale urban development that is being deliberately shaped to be bankable.
The Package 4 structure is particularly notable for its use of a CMA-regulated fund investment model, reflecting an approach in which land is contributed by the Foundation while private-sector partners supply capital and development expertise. Package 5 builds further on that model by combining Saudi and international capital with local banking support and global urban development experience.
In practical terms, these structures also help reduce the perception that major urban projects are simply state-led statements of ambition. Instead, King Salman Park is presenting itself as a platform through which serious developers, institutional capital and regulated investment managers can participate in Riyadh’s long-term transformation.
Riyadh’s wider urban story
For sa-fe.org readers, the broader point is that King Salman Park is emerging as more than a green flagship or cultural landmark. It is increasingly becoming one of the most important mixed-use urban investment stories in Riyadh.
The Package 4 district points to the park’s cultural and lifestyle dimension, where residential, office, hospitality and curated retail uses are being woven into a setting defined by arts and public realm. The much larger Package 5 district, meanwhile, points to metro-led urban density and the integration of housing, education, offices and hospitality around strong transport infrastructure.
Together, they illustrate the multiple identities King Salman Park is expected to carry: public park, cultural hub, residential destination, office address and long-term investment platform.
That in turn reflects a broader trend in Saudi Arabia’s capital, where urban projects are increasingly expected to do several things at once: support liveability, create investment opportunities, deliver cultural value, improve urban connectivity and strengthen Riyadh’s international profile.
The next step will be whether these early commitments translate into visible development momentum on the ground. But with more than SAR 20 billion now committed across five major packages, and with infrastructure and public realm works continuing to advance, the project appears to be moving steadily from vision to execution.
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