Riyadh - Mubasher: The King Salman Park Foundation has awarded Package 5 of its ongoing real estate program to a consortium led by Kolaghassi Development Company, according to a press release.
This award aims to develop a new residential-led mixed-use district in King Salman Park at a value exceeding SAR 11 billion ($3 billion). It will be supported by a CMA-regulated investment fund managed by Mulkia Investment Company.
The announcement was made at MIPIM 2026, where the foundation also unveiled additional investment packages totaling more than $3.80 billion across multiple mixed-use districts.
Meanwhile, these investments will bring the total committed investment across five major packages to over SAR 20 billion.
The new district is backed by a Saudi-domiciled investment fund that is regulated by the Capital Market Authority (CMA) and combines leading Saudi and international investors.
The foundation will contribute the land to the fund, while the private-sector partners and local banks provide capital and development capabilities.
Moreover, the participation from international capital, experienced global developers, and significant debt commitments from local banks reinforce the commercial appeal of the park.
Kolaghassi Development will lead the development, working alongside Al Othaim Investment and RXR.
Ali Kolaghassi, Chairman and CEO of Kolaghassi Development, stated: “Working alongside the King Salman Park, we are taking full responsibility for the delivery of a complex, residential-led mixed-use district at scale, drawing on our international development experience and embedding it within the Kingdom’s evolving urban framework.”
The district will cover over 1 million square meters (m²) and is strategically located adjacent to the King Salman Park metro station.
The residential-led mixed-use development covers 400,000 m² and includes 3,700 homes, a K–12 school, 300 hotel rooms, and 100,000 m² of grade A offices, plus retail and dining.
It will be delivered according to internationally recognized sustainability and well-being standards, with LEED and WELL Gold certification targeted for key assets and similar standards applied across the district.
A consortium led by Retal Urban Development Company was awarded a SAR 3.20 billion contract from King Salman Park.
