Riyadh Development Company (ARDCO) has signed an agreement with Sports Boulevard Development Co. and FTG Development, owned by Fettah Tamince of Turkey, to establish a real estate investment fund to be managed by Jadwa Investment Co.
The ARDCO-FTG partnership will serve as the real estate developer of a mixed-use tower project in Urban Wadi, one of the destinations within the Sports Boulevard project in Riyadh, with a total project value of approximately $1 billion.
The project is located in a prime area in the center of Riyadh, at the intersection of King Fahd Road and Prince Mohammed bin Salman Road, ARDCO said in a statement to the Saudi Stock Exchange Tadawul. Spread over 39,800 square meters and with a construction area of 207,000 square meters, the project is expected to become a major landmark that will reshape the skyline of Riyadh.
The statement said the fund includes ARDCO and FTG Development as direct foreign investors.
