$ 4 Billion Investment Package Announced for King Salman Park Development
A consortium led by has been awarded a major $850 million contract to develop a new mixed-use district within in , further advancing one of the most ambitious urban development projects currently underway in .
The contract, valued at approximately SAR 3.2 billion ($850 million), was granted by . The development will be delivered through a partnership between Retal, , and Bahrain-based . Together, the consortium will oversee the planning, construction, and delivery of the project as part of the broader vision to transform the park into a world-class cultural and lifestyle destination.
The project will be located in Package 4 of the Cultural District, one of the key zones within King Salman Park. This particular site sits near the highly anticipated , which is expected to become a central hub for arts, culture, and entertainment in the city. By placing the development close to this landmark destination, the project aims to create a vibrant, integrated environment that blends living, working, and leisure within a single urban district.
At the heart of the development will be a strong residential component designed to create a lively community within the park. Plans include the construction of more than 600 residential units, offering a mix of modern apartments tailored for urban living. In addition to housing, the project will introduce a hospitality segment with over 140 hotel rooms, catering to visitors and tourists drawn to the park’s cultural attractions.
The development will also include around 50,000 square meters of office space, providing new opportunities for businesses to establish themselves within one of Riyadh’s most prominent future destinations. Complementing these core components will be a variety of retail outlets, restaurants, cafés, and lifestyle venues, creating a dynamic mixed-use environment that encourages both residents and visitors to spend time in the area.
To support the project’s financing, an investment fund managed by will oversee the capital structure, operating under the supervision of the . Under this arrangement, King Salman Park Company will contribute the land, while the consortium partners will provide the development expertise and investment required to bring the project to life.
King Salman Park itself is one of the most ambitious urban park projects in the world. Once completed, it is expected to become one of the largest city parks globally, spanning more than 16 square kilometers. The park is designed to serve as a major green and cultural heart for Riyadh, offering museums, theaters, art venues, sports facilities, and extensive landscaped areas.
The newly awarded mixed-use development plays an important role in that broader vision. By combining residential living, hospitality, office space, and retail amenities within the park’s Cultural District, the project aims to create a lively urban destination that remains active throughout the day and evening.
For Retal and its partners, the contract represents a significant addition to their development portfolio and highlights the increasing opportunities created by Saudi Arabia’s large-scale urban transformation initiatives. For Riyadh, it marks another step toward building a modern, diversified city where culture, community, and commerce come together in one of the region’s most ambitious public spaces.