King Salman Park investment plans are gaining momentum as the Riyadh megaproject targets $13 billion in private capital. The funding drive will support mixed-use construction, cultural facilities, hospitality and residential development. The update followed remarks by Dale Chadwick, acting CEO of the King Salman Park Foundation.
The project covers nearly 17 square kilometers in central Riyadh. It will combine extensive green areas with residential, commercial, cultural and entertainment assets. The development also connects with Riyadh’s public transport network, including five planned metro stations.
The investment program marks a major shift toward private-sector participation. King Salman Park Foundation has structured several opportunities through investment funds and development partnerships. Private investors can participate through joint ventures or fund structures.
King Salman Park investment expands private development
King Salman Park investment opportunities cover integrated districts rather than isolated development plots. The Foundation expects private partners to finance design, construction and initial operations under approved structures. Meanwhile, the Foundation contributes land and establishes development parameters.
The approach has already produced several major investment packages. In March 2026, the Foundation awarded Package Four to a consortium led by Retal Urban Development Company. The package carries an expected value exceeding SAR3.2 billion, equivalent to about $850 million.
The development will create more than 600 residential units. It will also provide more than 140 hotel units and about 50,000 square meters of offices. Retail outlets, restaurants and cafés will complement the mixed-use district.
Riyadh’s broader construction program also includes the Riyadh Expo 2030 infrastructure project, where tendering has commenced for major infrastructure works supporting the planned global event.
King Salman Park investment program gains construction momentum
The Foundation also awarded Package Five to a consortium led by Kolaghassi Development Company. That development exceeds SAR11 billion, equivalent to approximately $3 billion. It will create more than one million square metres of built-up space.
The residential-led district will sit beside the King Salman Park metro station. Its plans include 3,700 residential units, 300 hotel units and 100,000 square meters of offices. The project will also integrate education and supporting commercial uses.
Together, the major packages demonstrate the scale of private participation emerging within the park. The Foundation reported more than SAR20 billion in commitments across five major development packages. It has also identified additional opportunities across other districts.
Construction has progressed across infrastructure, public spaces and cultural assets. Recent project reporting indicates that 93% of related construction packages have been awarded. Several major components are therefore moving toward completion and operational phases.
The construction program includes the Royal Arts Complex, landscape works and major infrastructure. The Royal Arts Complex has a reported contract value of about $1.76 billion. Landscape works within the loop carry a reported value of about $2 billion.
Infrastructure development also includes district cooling and water infrastructure. The Foundation signed a 25-year BOOT agreement with Saudi Tabreed for a 60,000-ton refrigeration plant. The first project phase will use 20,000 tons of allocated capacity.
The wider development supports Saudi Arabia’s Vision 2030 and Riyadh’s quality-of-life objectives. It will create green spaces, cultural destinations, housing, offices and visitor attractions within one urban destination.
Project Fact Sheet
Project: King Salman Park
Location: Riyadh, Saudi Arabia
Type: Large-scale urban park and mixed-use development
Development area: Nearly 17 square kilometres
Green space: About 11 square kilometres
Project launch: March 19, 2019
Development framework: Saudi Vision 2030
Private investment target: $13 billion
Major investment commitments: More than SAR20 billion across five packages
Key uses: Residential, hospitality, offices, retail, culture, entertainment and recreation
Transport connectivity: Five planned metro stations and links to Riyadh’s road network
Major cultural asset: Royal Arts Complex
District cooling: 60,000 refrigeration tons under a 25-year BOOT agreement
Current construction status: 93% of related construction packages awarded
Delivery approach: Phased development through public-private investment structures
Project Team
Client and master development authority: King Salman Park Foundation
Master development oversight: King Salman Park Foundation
Acting CEO: Dale Chadwick
Project management consultant: Parsons
Development and investment partners: Private-sector investors and development consortia
Package Four:
- Developer: Retal Urban Development Company-led consortium
- Fund manager: SAB Invest
Package Five
- Developer: Kolaghassi Development Company-led consortium
- Fund manager: Mulkia Investment Company
- Partners: Al Othaim Investment and RXR
District cooling partner: Saudi Tabreed
Earlier real estate
- Fund manager: Saudi Fransi Capital
- Developer: Naif Al-Rajhi Investment Company
Landscape contractor: Nesma & Partners
Royal Arts Complex contractor: Modern Building Leaders
Water and sewage treatment contractors: Wetico and Al Bawani
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