King Salman Park in Riyadh has taken a significant step in its private sector investment programme, with the King Salman Park Foundation awarding the fourth package of its investment scheme to a consortium led by Retal Urban Development Company. The project, valued at more than SAR 3.2 billion, will bring a large-scale mixed-use development to the heart of the park’s cultural district.
The award was made in November 2025 and was publicly announced during the foundation’s participation in MIPIM 2026 — the world’s leading real estate and urban development event — in Cannes, France. The parties are currently in the process of finalising the related agreements, with the investment fund structured under the Capital Market Authority’s regulations and managed by SAB Invest.
A Mixed-Use District at the Heart of the Park
The planned development will create an integrated urban district comprising more than 600 residential units, over 140 hotel rooms, approximately 50,000 square metres of office space, and a commercial component offering a range of restaurant and café experiences. The development will be positioned close to major cultural landmarks within the park, most notably the Royal Arts Complex, making it one of the most prominent addresses in Riyadh’s evolving urban landscape.
Under the structure adopted for this fourth package, the foundation provides the land plots while private sector partners contribute the capital and development expertise — a model designed to enable broad private sector participation without requiring the foundation to take on development risk directly. Retal will lead the consortium in collaboration with two specialist partners: Asasat Co. and Bareeq Al Retaj Co.
Twenty Billion Riyals Invested, More to Come
The progress of King Salman Park’s investment programme as a whole has been substantial. Ninety-three percent of the park’s construction packages have already been awarded, and the total value of concluded private sector investments has reached SAR 20 billion across five main development packages. The foundation stated that infrastructure works, public spaces, and key cultural assets are advancing well, with development plans across various areas of the park becoming increasingly defined.
Looking ahead, the foundation has announced plans to launch new investment opportunities worth more than SAR 14.2 billion, covering a tower district overlooking the park’s 11-square-kilometre green heart, a championship-standard golf community with a luxury residential component, and a MICE-equipped events plaza alongside residential neighbourhoods integrated with the Riyadh metro network under the 15-minute city concept.
Riyadh’s Largest Urban Park Takes Shape
King Salman Park is the largest urban park project in the world and one of the most ambitious components of Riyadh’s transformation into a global city. Spanning 13.4 square kilometres in the heart of the Saudi capital, the park is being designed as a destination that combines green open spaces, cultural institutions, world-class hospitality, and connected urban living — all within reach of the city centre.
The scale of private sector commitment to the project, now standing at SAR 20 billion and rising, reflects the confidence of investors in the park’s vision and in the broader trajectory of Riyadh’s real estate and urban development market. For Saudi Arabia, this fourth development package is not simply a construction project — it is another chapter in the capital’s transformation into a city that can compete on a global stage.
