The King Salman Park Foundation has announced the award of a major development package valued at more than $3 billion (SAR 11 billion) for a new residential-led mixed-use district within King Salman Park, Riyadh’s landmark urban project.
The announcement was made during MIPIM 2026, one of the world’s leading real estate investment gatherings. The Foundation confirmed the selection of a consortium led by Kolaghassi Development Company to deliver the large-scale district, while noting that the parties are currently progressing toward finalizing definitive agreements.
Major private-sector investment in Riyadh
The project will be supported by a Saudi-domiciled, CMA-regulated investment fund managed by Mulkia Investment Company. Under the structure, the Foundation will contribute the land to the fund, while private-sector partners and local banks will provide capital and development expertise.
The initiative forms part of the Foundation’s broader real estate investment program aimed at accelerating private-sector participation in the development of King Salman Park.
The Foundation also revealed additional investment packages worth more than $3.8 billion across several mixed-use districts. This brings the total committed investment within the park to over $5.3 billion (SAR 20 billion) across five major development packages.
Metro-connected Mixed-Use District
The proposed development will be delivered by Kolaghassi Development Company in partnership with leading regional and global real estate players, including Al Othaim Investment and RXR.
The district will feature a total built-up area exceeding one million square meters and will be located adjacent to the King Salman Park metro station, providing strong connectivity to the wider city as well as within the park itself.
The project will be primarily residential, spanning more than 400,000 square meters and comprising around 3,700 residential units. It will also include a best-in-class K-12 school, approximately 300 hospitality keys, over 100,000 square meters of Grade A office space, and a wide range of retail and dining offerings.
Developers plan to deliver the district in accordance with internationally recognized sustainability and well-being standards, targeting LEED and WELL Gold certifications for key assets while applying comparable environmental benchmarks across the wider development.
According to the Foundation, infrastructure works and public realm development within King Salman Park are advancing steadily. Approximately 93 percent of the associated construction packages have already been awarded, signaling strong progress as the project transitions from planning to delivery.
George Tanasijevich King Salman Park Foundation CEO
“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. Our partners bring not only capital but also experience and perspective that help raise standards and contribute to Riyadh’s evolution as a global city. We look forward to concluding this transaction with Kolaghassi Development Company and its development partners, including Al Othaim Investment and RXR, and working closely with them as this district begins to take shape.”
Ali Kolaghassi, Chairman and CEO of Kolaghassi Development Company, described the project as a major long-term commitment for the company in Saudi Arabia, emphasizing its focus on delivering a vibrant, forward-thinking community integrated with the park’s urban environment.
Meanwhile, Sultan Al Hudaithi, Vice-Chairman and Managing Director of Mulkia Investment Company, noted that the project represents a compelling investment opportunity anchored by Riyadh’s strong economic fundamentals and the clear development vision established by the Foundation.
