Global investors have pledged SR11bn ($3bn) to fund the development of a mixed-use district at King Salman Park in Riyadh, following new announcements made at MIPIM 2026.
The King Salman Park Foundation selected a consortium led by Kolaghassi Development Company to oversee the delivery of this residential-focused project, which will be built adjacent to the King Salman Park metro station and is expected to cover over one million m².
Mulkia Investment Company will manage a CMA-regulated investment fund that will support the initiative, with the entire project value surpassing SR11bn.
The fund brings together both Saudi and international investors, with the Foundation contributing land and private sector partners, along with local banks, providing capital and expertise.
The parties are working towards finalising definitive agreements for the project.
The new district will include approximately 3,700 residential units across more than 400,000m², as well as a K–12 school, around 300 hospitality keys, over 100,000m² of office space and various retail and dining options.
The development aims to meet LEED and WELL Gold standards for sustainability and wellbeing across key assets.
King Salman Park Foundation CEO George Tanasijevich 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.”
Kolaghassi Development Company will work alongside Al Othaim Investment and RXR on the project.
Kolaghassi Development Company chairman and CEO Ali Kolaghassi said: “This project represents a significant long-term commitment for Kolaghassi Development Company in Saudi Arabia.
“Working alongside the King Salman Park Foundation, we are taking full responsibility for delivering 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.”
This announcement is part of a broader real estate investment programme by the foundation. At MIPIM 2026, King Salman Park announced additional investment packages totalling more than $3.8bn across multiple mixed-use districts.
Overall commitment to King Salman Park’s five main development packages now exceeds SR20bn.
Construction works are advancing within the park, with 93% of related construction contracts already awarded.
