Global investors commit $3 billion fund to develop mixed-use district at King Salman Park in Riyadh

Investment Hospitality announced Riyadh, Saudi Arabia Mar 11, 2026

USD3B

Deal Value

development

Stage

residential-led mixed-use district within King Salman Park (Package 5)

Project

International Capital has committed a $3 billion fund to develop a new residential-led mixed-use district at King Salman Park in Riyadh, Saudi Arabia. The King Salman Park Foundation awarded Package 5 to a consortium led by Kolaghassi Development Company to deliver this significant development. This investment underscores a major commitment to urban development and hospitality infrastructure in the region.

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Counterparts (3)

Partner

Kolaghassi Development Company

company

Kolaghassi Development Company (KDC) is part of Kolaghassi Group, a diversified holding company established in 1979, with operations spanning real estate, infrastructure, energy, technology, and hospitality. Headquartered in Amman, Jordan, KDC focuses on large-scale urban developments, transportation networks, utilities, and renewable energy projects across the Middle East, North Africa, and Europe.

Developer

King Salman Park Foundation

company

Riyadh-based King Salman Park Foundation is a government-backed entity established in 2019 to develop and manage King Salman Park, one of the world's largest urban parks, encompassing diverse infrastructure including cultural, recreational, and environmental facilities across 16.7 square kilometers in Saudi Arabia.

Investor

International Capital

company

London-based global alternative asset manager with $53.3 billion in assets under management as of December 2023. ICG's infrastructure equity strategy focuses on mid-market digital infrastructure, energy transition, transport, utilities, and social infrastructure assets across Europe, North America, and Asia Pacific.

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Deal Analysis

International Capital is injecting $3 billion into Riyadh's King Salman Park, funding a new residential-led mixed-use district. This significant investment backs 'Package 5,' a key development awarded by the King Salman Park Foundation to a consortium led by Kolaghassi Development Company. The move highlights the ongoing international appetite for Saudi Arabia's large-scale urban and hospitality infrastructure projects. It's a substantial capital commitment aimed at transforming a core part of the park into a vibrant new community.

International Capital commits $3 billion fund.
Focus on residential-led mixed-use district at King Salman Park.
King Salman Park Foundation awarded 'Package 5' of the development.
Kolaghassi Development Company leads the winning consortium.

Source Intelligence

KEY DETAILS

The district will feature a total built-up area exceeding 1 million square meters. It will be located adjacent to the King Salman Park metro station. The development will be delivered in line with international sustainability and wellbeing standards, targeting LEED and WELL Gold certification for key assets. For the wider King Salman Park project, 93% of associated construction packages have been awarded. Quote: "The district will feature a total built-up area exceeding 1 million square meters and will be located adjacent to the King Salman Park metro station... The district will be delivered in line with international sustainability and wellbeing standards, targeting LEED and WELL Gold certification for key assets... To date, 93% of associated construction packages have been awarded"

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Deal Size

with a total project value exceeding SAR 11 billion (USD 3 billion).

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Location

International Capital Selects King Salman Park, Riyadh RIYADH, Saudi Arabia

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Financials

with a total project value exceeding SAR 11 billion (USD 3 billion). ... Under the structure, the King Salman Park Foundation will contribute the land, while private-sector partners and local banks will provide capital and development capabilities.

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Announcement

RIYADH, Saudi Arabia , March 11, 2026 /PRNewswire/ -- At MIPIM 2026, the King Salman Park Foundation announced the award of Package 5

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Signing

The award confirms that the parties are currently progressing toward the finalization of definitive agreements.

PARTIES MENTIONED IN SOURCE

King Salman Park Foundation seller

"the King Salman Park Foundation announced the award of Package 5, selecting a consortium led by Kolaghassi Development Company to deliver a new residential-led mixed-use district within King Salman Park."

Kolaghassi Development Company developer

"selecting a consortium led by Kolaghassi Development Company to deliver a new residential-led mixed-use district within King Salman Park."

Mulkia Investment Company fund_manager

"a CMA-regulated investment fund managed by Mulkia Investment Company"

Al Othaim Investment partner

"Kolaghassi Development Company will lead the development in partnership with: Al Othaim Investment"

RXR partner

"Kolaghassi Development Company will lead the development in partnership with: ... RXR, a global real estate investor and operator"

leading Saudi and international investors investor

"bringing together leading Saudi and international investors."

local banks lender

"local banks will provide capital and development capabilities."

high quality Enriched Mar 11, 2026

Timeline

Announced

Mar 11, 2026

Signed

Closed

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Source

www.prnewswire.com

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Global investors commit $3 billion fund to develop mixed-use district at King Salman Park in Riyadh

Counterparts (3)

Deal Analysis

Source Intelligence

Timeline

Source

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