Riyadh Development Co. (ARDCO) signed an agreement to establish a real estate investment fund in partnership with Sports Boulevard Development Co. and Turkey’s FTG Development, which will be managed by Jadwa Investment Co.

The ARDCO-FTG alliance will serve as the real estate developer for a mixed-use towers project in Urban Wadi, one of the destinations within the Sports Boulevard project in Riyadh, with a total project value exceeding SAR 3.5 billion.

In a statement to Tadawul, ARDCO said the project is located at a prime site in central Riyadh, at the intersection of King Fahd Road and Prince Mohammed bin Salman Road,

Spanning 39,800 square meters (sqm), with a built-up area of over 207,000 sqm, the development is set to become a prominent landmark, contributing to reshaping Riyadh’s skyline.

The fund included Sports Boulevard Co. as a major investor through in-kind land contributions, ARDCO as a local investor, and FTG Development as a foreign direct investor, according to the statement.

The ARDCO-FTG alliance will undertake the real estate development work for the project. Jadwa Investment will manage the fund, while the final ownership percentages will be determined after the completion of the project feasibility study.

The financial impact of the seven-year contract will be determined later, ARDCO noted, Prince Faisal bin Abdulaziz bin Ayyaf, ARDCO’s Chairman and Sports Boulevard Foundation’s board member is a related party.It is worth noting that Sports Boulevard Development Co. is a subsidiary of Sports Boulevard Foundation.

Additionally, ARDCO signed a strategic partnership with FTG Development.

As part of this partnership, a new limited liability company (LLC) has been established, with each party holds a 50% stake. This new entity will oversee the development of real estate projects in Saudi Arabia.

The newly formed LLC was appointed as the development manager for the SAR 3.5 billion real estate investment fund, ARDCO said in another statement.