The project is strategically located at the intersection of King Fahd Road and Prince Mohammed bin Salman Road, covering an area of approximately 39,759 square meters. With built-up areas exceeding 207,000 square meters, the development is poised to become a significant landmark, contributing to the redefinition of Riyadh's skyline.
The investment fund comprises key stakeholders: Sports Boulevard Company for Real Estate Development and Investment as the main investor through in-kind land contribution, ARDCO as a local investor, and FTG Development through foreign direct investment. The ARDCO-FTG alliance has been appointed as the real estate developer for this project, while Jadwa Investment Company will manage the fund. Ownership percentages will be finalized upon completion of the project study.
The contract for this venture spans seven years, with the possibility of extension. Financial impacts are expected to be disclosed in due course. Notably, Prince Faisal Bin Abdulaziz Bin Ayyaf, PhD, Chairman of ARDCO's Board of Directors, also serves as a member of the Board of Directors of the Sports Boulevard Foundation, indicating a significant alignment of interests in this development.
This partnership aligns with ARDCO's "Invest for Growth" strategy launched in early 2023, focusing on value-added partnerships in the real estate development sector. The strategy emphasizes residential, office, and logistics real estate development to keep pace with Riyadh's rapid economic growth and its associated projects.
FTG Development, led by Managing Partner Fatih Tamince, is known for targeting development and investment opportunities in mixed-use real estate and hospitality projects. The company's global operations and experience in modern technology and entertainment concepts are expected to contribute significantly to the success of the Urban Wadi project.