Global Investors Pledge Almost $3 Billion to King Salman Park, a Saudi Giga-Project

At the MIPIM 2026 real estate conference, the King Salman Park Foundation obtained more than $3.8 billion in fresh private-sector pledges, including a historic $3 billion fund supported by foreign investors to construct a significant mixed-use zone in the centre of Riyadh.

Particularly, the announcements raise the total pledged investment in the 17.2 square kilometre urban redevelopment project to nearly $5.3 billion across five key packages, according to a press release.

The project, which was introduced in 2019 as part of Saudi Vision 2030, is intended to be the largest city park in the world with over a million trees and a wide range of recreational amenities. It also intends to increase green space and enhance the quality of life.

A $3 Billion District with Metro Access

A consortium led by Kolaghassi Development Co. will deliver a residential-driven district with a total built-up area of over one million square metres as Package 5, the largest of the two packages.

In addition to a wide range of retail and dining options, it will offer more than 100,000 square meters of Grade A office space, around 3,700 residential units, a K–12 school, and over 300 hospitality keys.

Moreover, leading investors from the Kingdom and around the globe have contributed to the development through a fund managed by Mulkia Investment Co., which is based in Saudi Arabia and is regulated by the Capital Market Authority.

Along with RXR, a real estate investor and operator with headquarters in New York, and Al Othaim Investment, one of the Kingdom's real estate players, Kolaghassi Development Co. will spearhead the project.

Notably, George Tanasijevich, CEO of King Salman Park Foundation, emphasised that securing significant investment backed by international capital and expertise is a crucial milestone for King Salman Park.

A Cultural District Package of $850 Million

The Foundation stated in a different statement that a group headed by Retal Urban Development Co. and supported by a fund run by SAB Invest had been awarded Package 4.

Furthermore, over 600 residential apartments, more than 140 hotel keys, nearly 50,000 square metres of Grade A office space, as well as carefully chosen retail and food and beverage experiences, are all part of the project, which has a total value of more than $850 million.

Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co., stated, “This opportunity reflects the maturity of Saudi Arabia's real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns.”

According to Ali Al-Mansour, CEO of SAB Invest, the fund structure supports Riyadh's cultural vibrancy and the Kingdom's quality-of-life goals under Vision 2030 by bringing together “long-term capital, experienced development partners, and a shared commitment to place-making excellence.”

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