Ardco sets up $933m fund to develop Riyadh project

The Riyadh Development Company (ArdCo) and three partners have set up a SAR3.5 billion ($933 million) real estate investment fund to develop a mixed-use project in the Saudi capital.

The project will include residential, office and commercial spaces, as well as hotels.

When built, the towers in the Urban Wadi, part of the Sports Boulevard project in Riyadh, will spread over nearly 40,000 square metres and will have built-up areas with total space of more than five times that.

The fund will be in partnership with Sports Boulevard Co and the Turkish FTG Development Company and will be managed by Jadwa Investment Company, the Riyadh Development Company said in an announcement on Saudi Arabia’s Tadawul exchange about the project. 

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FTG Development and Ardco will develop the Riyadh project, which is expected to take four years to complete.

Urban Wadi in Riyadh is a project spanning 4.5 kilometres that will convert existing highway space into a public park and ecological corridor. It includes a water canal, pedestrian and cycling pathways and recreational facilities. 

Sports Boulevard Co is the main investor in the fund, by contributing the land. Jadwa Investment will assume the duties of the fund manager. Ownership percentages will be determined after completing the project study, Ardco said.