King Salman Park awards residential-focused project to Retal-led alliance

King Salman Park Foundation awarded the fourth package of its investment program to a consortium led by Retal Urban Development Co. to develop a mixed-use project with a residential focus in the heart of the park’s cultural district, as part of the foundation’s broader real estate investment program.

According to the Saudi Press Agency (SPA), the project will be supported by an investment fund managed by SAB Invest with a total value exceeding SAR 3.2 billion.

The award was made in November 2025, and the parties are currently finalizing the related agreements.

The fourth package is structured through an investment fund regulated by the Capital Market Authority (CMA).

Under this model, the foundation will provide the land plots, while private sector partners will provide capital and development expertise.

The award followed a competitive tender process in which proposals were evaluated based on feasibility, financial strength, design quality, and execution capability.

Under the proposed agreement, Retal will lead the development of the project in collaboration with specialized partners including Asasat Co. and Bareeq Al Retaj Co.

The project will feature an integrated urban district comprising more than 600 residential units, over 140 hotel rooms, around 50,000 square meters of office space, and commercial areas offering various restaurant and café experiences. The development will be located near major cultural landmarks, most notably the Royal Arts Complex.

The foundation stated that significant progress has been achieved in infrastructure works, the development of public spaces, and key cultural assets. So far, 93% of the related construction packages have been awarded, with development plans across various areas of the park becoming clearer.

The park also plans to launch new development opportunities, including a tower district overlooking the park’s 11 square kilometer green heart, a championship-standard golf community with a luxury residential district, and a mixed-use area featuring an integrated events plaza with MICE facilities, in addition to residential neighborhoods connected to the metro under the 15-minute city concept.

The announcement was made during the foundation’s participation in the MIPIM 2026 global real estate and urban development event in Cannes, France.

The foundation also revealed plans to launch investment packages worth more than SAR 14.2 billion with the private sector across several areas within the park, bringing the total value of concluded investments to more than SAR 20 billion across five main development packages.

The foundation’s investment program relies on several mechanisms, including investment funds, land-for-development partnerships, and international development alliances, enabling broad private sector participation in the park’s projects.