At MIPIM 2026, the King Salman Park Foundation announced the award of Package 5, confirming the selection of a consortium led by Kolaghassi Development Company to deliver a new residential-led mixed-use district in King Salman Park.
The contemplated development will be supported by a CMA-regulated fund managed by Mulkia Investment Company and has a total project value exceeding SAR 11bn (USD 3bn). The award confirms the parties are currently progressing the definitive agreements.
This announcement forms part of the Foundation’s wider real estate investment program. At the event, King Salman Park simultaneously announced investment packages worth more than USD 3.8bn in two newly secured private sector commitments across multiple mixed-use districts, bringing total committed investment to over SAR 20bn across five major packages.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park. It reflects confidence in the project’s fundamentals and the Foundation’s delivery framework. Our partners bring not only capital, but also experience and perspective that help raise standards and contribute to Riyadh’s evolution as a global city.
“We look forward to concluding this transaction with Kolaghassi Development Company and its development partners, including Al Othaim Investment and RXR, and working closely with them as this district begins to take shape.”
George Tanasijevich, CEO, King Salman Park Foundation
The contemplated development is supported by a Saudi-domiciled, CMA-regulated investment fund, managed by Mulkia Investment Company, bringing together leading Saudi and international investors. The Foundation will contribute the land to the fund, while private sector partners and local banks will provide capital and development capabilities.
This structure represents a landmark private sector real estate investment and highlights growing international confidence in King Salman Park as a globally investable urban destination. The participation of international capital, alongside globally experienced development capability and significant debt commitments by local banks, reflects continued interest in King Salman Park commercial development opportunities.
Under the proposed agreement, Kolaghassi Development Company will lead the development, working alongside Al Othaim Investment, one of the Kingdom’s most established real estate players, and RXR, a globally active real estate investor and operator with significant experience in large-scale mixed-use urban environments.
“This project represents a significant long-term commitment for Kolaghassi Development Company in Saudi Arabia. Working alongside the King Salman Park Foundation, 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.
“Our focus is on disciplined execution, integration with the park, and delivering a vibrant forward-thinking community district that performs commercially and endures over time.”
Ali Kolaghassi, Chairman and CEO, Kolaghassi Development Company
The awarded district will have a total built-up area exceeding one million sqm. Adjacent to the King Salman Park metro station, the site benefits from strong connectivity to the wider city as well as within the Park itself, positioning it as a highly accessible mixed-use destination in central Riyadh.
The scheme comprises a large-scale, residential-led development spanning over 400,000 sqm, including approximately 3,700 residential units, a best-in-class K–12 school, approximately 300 hospitality keys, over 100,000 sqm of Grade A office space, and a wide variety of retail and dining offerings.
“King Salman Park represents a compelling opportunity to invest at scale in a project of global significance. The clarity of the Foundation’s vision, the quality of the proposed master plan and development framework, and the long-term fundamentals of Riyadh were central to our investment decision. We see this development as a platform for sustained growth and long-term value creation.”
Sultan Al Hudaithi, Vice-Chairman and MD, Mulkia Investment Company
The district will be delivered in line with internationally recognised sustainability and wellbeing standards, with LEED and WELL Gold certification targeted for key assets and equivalent standards applied across the wider development.
King Salman Park has continued to advance steadily from planning to delivery, with substantial progress achieved across infrastructure works, public realm development, and cultural anchor assets.
As infrastructure delivery advances – with 93% of associated construction packages awarded, to date, and development interfaces becoming clearer – early participation offers strong positioning within the Park’s long-term urban hierarchy.
