The King Salman Park Foundation has awarded its fifth investment package to a consortium led by Kolaghassi Development Company during MIPIM 2026, the Global Urban Festival, held in Cannes, France.
The project, valued at more than $3 billion (SAR11 billion), is supported by an investment fund managed by Mulkia Investment and backed by a mix of Saudi and international investors. The initiative aims to develop a new mixed-use urban district within King Salman Park as part of the foundation’s broader real estate investment and urban development program.
The development will cover a total built-up area exceeding one million square meters, and will be strategically located adjacent to the King Salman Park metro station, ensuring strong connectivity and convenient access to different parts of Riyadh through the city’s expanding public transport network.
The project’s master plan features a primarily residential character and will include approximately 3,700 residential units, alongside a world-class general education facility designed to serve families living within the community. In addition, the development will include 300 hotel units to support tourism and business travel, as well as 100,000 square meters of premium office space, creating a vibrant mixed-use environment that integrates living, working, and leisure.
The project will be executed in accordance with internationally recognized standards for sustainability, environmental performance, and quality of life. Key assets within the development are targeting LEED and WELL Gold certifications, while the entire district will adhere to high sustainability benchmarks in design, construction, and operational efficiency.
King Salman Park continues to advance as one of Riyadh’s most ambitious urban developments. Much of the core infrastructure is already complete, with work progressing on public spaces, cultural landmarks, and community facilities. To date, 93 percent of construction and infrastructure contracts have been awarded, underscoring the foundation’s commitment to delivering the project on schedule.
George Tanasijevich, CEO of the King Salman Park Foundation, stated that the investment marks a major milestone, reflecting strong global confidence in the project and its development framework. He added that the consortium’s international expertise will help raise development standards and support Riyadh’s growth as a global city.
