Riyadh - Mubasher: Retal Urban Development Company has received a project award letter worth SAR 3.20 billion from King Salman Park Company (KSPC), as part of a consortium led by Retal.
The project targets the development of a predominantly residential, mixed-use district in Package Four of the Cultural Neighborhood within King Salman Park, Riyadh, according to a press release.
It comprises over 600 residential units, more than 140 hotel units, and approximately 50,000 square meters (m²) of office space. This is in addition to retail outlets, restaurants, cafés, and various experiential offerings.
Located near the Royal Arts Complex, the development emphasizes efficient mobility, enhanced public health, and a thoughtfully designed urban framework to foster a vibrant community. Meanwhile, the contract is expected to be signed on 8 May 2026.
The project is backed by an investment fund managed by SAB Invest and regulated by the Capital Market Authority (CMA). On the other hand, KSPC provides the land, while the consortium partners supply capital and development expertise.
George Tanasijevich, CEO of King Salman Park Foundation, commented: “By partnering with a consortium that brings together strong local development expertise and long-term institutional investment, we continue to advance our vision for well-integrated neighborhoods that place culture, livability, and long-term value at their core.”
Abdullah Al Braikan, CEO and Founder of Retal, said: “This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns and long-term community impact.”
In November 2025, Retal received a letter of award from the National Housing Company (NHC) for a SAR 5.20 billion project in Al Fursan Suburb.
