Launch of “Riyadh Development and FTG Development” Alliance to Develop Mixed-Use Towers in Al-Wadi Destination – Part of the Sports Boulevard Project – Valued at SAR 3.5 Billion

Under the patronage of H.H. Prince Dr. Faisal bin Abdulaziz bin Ayyaf, Chairman of the Board of Riyadh Development Company, the company has signed a strategic partnership agreement with Turkish group FTG Development to establish a joint company for managing real estate development projects in Saudi Arabia.

Each party holds a 50% stake in the new entity, which has been appointed as the development manager for a real estate investment fund established in partnership with the Sports Boulevard Real Estate Development and Investment Company, Riyadh Development Company, and FTG Development as fund investors. The fund is managed by Jadwa Investment and aims to develop a mixed-use towers project (residential, commercial, hospitality, and office) in Al-Wadi Destination, one of the key locations along the Sports Boulevard Project at the intersection of King Fahd Road and Prince Mohammed bin Salman Road in Riyadh, with a total project value exceeding SAR 3.5 billion.

The project will be developed in accordance with the Sports Boulevard Urban Code, inspired by Salmani architecture, and will span approximately 40,000 square meters, with a built-up area exceeding 207,000 square meters.

This partnership blends Riyadh Development’s local expertise in real estate with FTG Development’s global experience—particularly in residential and hospitality development across various countries—enabling knowledge transfer and the implementation of global best practices. FTG, a world-renowned real estate firm, brings a diverse international portfolio, deep expertise in modern technologies, and innovative hospitality and entertainment concepts. Their partnerships with leading global brands such as Rixos and Land of Legends further strengthen their ability to deliver world-class projects.

Mr. Jihad bin Abdulrahman Al-Qadi, CEO of Riyadh Development Company, stated:

"This move aligns with our 2023 strategy ‘We Invest for Growth,’ focused on forming strategic partnerships that deliver sustainable returns and increase shareholder value by investing in promising growth projects and reinforcing our leadership in real estate development and management."

He added:

"This investment supports the goals of the Sports Boulevard Project in delivering world-class facilities for Riyadh’s residents and plays a pivotal role in helping achieve the objectives of Saudi Vision 2030."

From FTG Development, Managing Partner Mr. Fatih Tamince commented:

“We are proud to partner with Riyadh Development Company, a firm with a strong track record and a bold strategic vision. Through this collaboration, we aim to bring our international expertise to the Saudi market and develop innovative projects that meet the highest global standards. Saudi Arabia presents promising investment opportunities, and we are eager to contribute to its ambitious Vision 2030 by elevating the level of real estate development and enhancing quality of life.”

The Sports Boulevard Project was launched on March 19, 2019, by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and is chaired by H.R.H. Crown Prince Mohammed bin Salman. The project aims to elevate Riyadh’s global standing as a livable and vibrant city, fostering physical, psychological, and social well-being—core goals of Saudi Vision 2030.

About Riyadh Development Company:
Established by Royal Decree (M/2) on 09/02/1414 AH, the company was founded under the leadership of King Salman bin Abdulaziz during his governorship of Riyadh, with the mission of redeveloping the Qasr Al-Hukm area. Since then, the company has focused on integrated housing communities and public service projects that now serve more than 20 million citizens and residents, with a professional national workforce of over 150 employees.

About FTG Development:
FTG Development is a globally active Turkish real estate development company with a broad international asset portfolio and extensive experience in real estate, modern technologies, and global entertainment concepts. FTG targets leading opportunities in real estate and mixed-use hospitality projects, working closely with top brands like Rixos and Land of Legends to deliver exceptional developments.