Riyadh just leveled up big time. At MIPIM 2026, the King Salman Park Foundation dropped a bombshell announcement. They awarded Package 5 to a powerhouse consortium led by Kolaghassi Development Company. This massive residential-led mixed-use district will rise right next to the King Salman Park metro station. International cash flows in strong, showing serious global hype for Saudi Arabia's urban game-changer.
The project packs serious punch. It spans over 1 million square meters of built-up area. Developers aim for more than 3,700 residential units, a top-tier K-12 school, around 300 hotel keys, plus over 100,000 square meters of Grade A office space. Retail and dining spots will keep things buzzing. Everything targets LEED and WELL Gold sustainability standards. The total value tops SAR 11 billion (about USD 3 billion). A CMA-regulated fund from Mulkia Investment Company fuels it, blending Saudi and international investors. The Foundation supplies the land while private partners and local banks bring the muscle.
Why This Deal Screams Future-Proof Vibes
This isn't just another build. It highlights exploding confidence in King Salman Park as a global hotspot. Partners like Al Othaim Investment and RXR bring world-class expertise in huge mixed-use projects. Metro connectivity ties the district seamlessly into Riyadh's transport network. Meanwhile, the park pushes hard on delivery—93% of construction packages already awarded. Momentum builds fast as infrastructure ramps up.
George Tanasijevich, CEO of the Foundation, nailed it: this milestone proves rock-solid fundamentals and draws top talent to elevate Riyadh's global status. Ali Kolaghassi from the lead developer called it a long-term play embedding international know-how into the Kingdom's urban evolution. Sultan Al Hudaithi of Mulkia added that the vision, master plan, and Riyadh's fundamentals make this a killer long-term value creator.
King Salman Park keeps stacking wins. With over SAR 20 billion committed across packages, Riyadh transforms into a greener, smarter, more connected city. Exciting times ahead!
