International Investment Breeds Transformation: King Salman Park in Riyadh Seizes Opportunities for Growth
RIYADH, Saudi Arabia, March 11, 2026 – In a noteworthy development for urban expansion and investment in Saudi Arabia, the King Salman Park Foundation declared the awarding of Package 5 at the prestigious MIPIM 2026 conference. A consortium spearheaded by Kolaghassi Development Company has been entrusted with the responsibility of delivering a residential-led mixed-use district within King Salman Park, signifying a substantial leap towards transforming Riyadh into a globally recognized urban destination.
The new district, which is projected to reach a total project value of more than SAR 11 billion (approximately USD 3 billion), underscores a broader strategy by the King Salman Park Foundation to bolster its real estate portfolio and amenities. This investment is being facilitated through a regulated investment fund managed by Mulkia Investment Company, ensuring capital infusion from both local banks and international investors who express growing confidence in the park’s potential as a globally recognized urban hub.
A Vision for Urban Cohesion and Growth
This ambitious initiative marks a critical step in the realization of King Salman Park’s integrated development plan. The Foundation has outlined an impressive investment totaling more than USD 3.8 billion across several mixed-use districts, with overall commitments to surpass SAR 20 billion spread across five main development packages. These efforts are not merely about construction; they embody Saudi Arabia’s broader vision for urbanization and economic diversification in alignment with its Vision 2030 reform agenda.
Collaboration with Renowned Partners
Under the agreement, Kolaghassi Development Company will lead the development in partnership with Al Othaim Investment, a reputable entity in Saudi Arabia’s real estate sector, and RXR, a prominent global real estate investor with extensive experience in large-scale mixed-use urban engagements. The diverse expertise embedded in this consortium presents a unique opportunity for the development, combining local knowledge with international best practices.
The district is set to cover a remarkable built-up area exceeding 1 million square meters. Ideally positioned adjacent to the King Salman Park metro station, this new enclave aims to foster connectivity, making it easier for residents and visitors to access not only the park but the greater Riyadh area as well. This critical infrastructure aligns with the city’s commitment to enhancing public transport and reducing traffic congestion.
Comprehensive Amenities and Sustainable Focus
The mixed-use district is designed to cater to diverse needs, incorporating more than 400,000 square meters of residential space that will house approximately 3,700 residential units. In addition to living quarters, the development will feature a state-of-the-art K-12 school, around 300 hospitality keys, and more than 100,000 square meters of prime office space complemented by a rich offering of retail and dining experiences.
In a progressive stride towards sustainability, the entire development is set to comply with international standards, targeting LEED and WELL Gold certification for its key components. This commitment to eco-friendly practices reflects the King Salman Park Foundation’s vision of a modern urban habitat that prioritizes the welfare of its residents and the environment.
A Testament to Progress and Future Prospects
The momentum behind King Salman Park is palpable, with advanced infrastructure works and cultural amenities already in various stages of progress. Currently, 93% of associated construction contracts have been awarded, paving the way for the subsequent phases of the project. As the city’s infrastructure improves and developmental frameworks become increasingly defined, early-stage involvement in this project positions investors favorably within Riyadh’s evolving urban landscape.
King Salman Park Foundation’s CEO, George Tanasijevich, remarked on the significance of the milestone achieved with this investment. “The infusion of this scale of investment, fortified by international capital and expertise, is validation not only of the project’s foundational viability but also of the robust mechanisms established for its execution,” he stated. The collaborative essence of the consortium reflects a shared vision of transforming Riyadh into a leading global city, ensuring that the development aligns seamlessly within the broader socio-economic landscape.
Kolaghassi Development Company’s Chairman and CEO, Ali Kolaghassi, expressed enthusiasm about the company’s commitment to this transformative endeavor. Meanwhile, Sultan Al Hudaithi, Vice-Chairman of Mulkia Investment Company, articulated confidence in the long-term value creation potential of King Salman Park, noting its significance in the larger context of urban development.
Conclusion
The announcement from MIPIM 2026 marks not merely a large-scale investment but a promise towards a rich urban ecosystem—a testament to Riyadh’s ongoing evolution. As King Salman Park transitions from planning to execution, the eyes of the world will undoubtedly remain fixed on this vibrant project, which exemplifies the potential of international collaboration, investment strategy, and ambitious civic vision in shaping modern cities.
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