Launch of the ARDCO & FTG Development Alliance to Develop a Project with Sports Boulevard Worth SAR 3.5 Billion

Logos of Riyadh Development Company (ARDCO) and FTG Development Group

Under the patronage of His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf, Chairman of the Board of Riyadh Development Company (ARDCO), the company signed a strategic partnership agreement with Turkey’s FTG Development Group. This partnership aims to jointly establish a company that manages real estate development projects in Saudi Arabia.

This partnership marks the appointment of the new entity as the development manager for a real estate investment fund established in collaboration with Sports Boulevard Company for Real Estate Development and Investment, Riyadh Development Company, and FTG Development as investors. While, Jadwa Investment Company manages the fund, which will oversee the development of a mixed-use towers (residential, commercial, hospitality and offices) project located in URBAN WADI within the domain of Sport Boulevard project at the intersection of King Fahd Road and Prince Mohammed Bin Salman Road. The total project value exceeds SAR 3.5 billion.

The project will include a mixed-use towers development designed in accordance with the Sports Boulevard’s urban code, inspired by Salmani architecture principles. Spanning approximately 40,000 square meters, the development will encompass over 207,000 square meters of built-up area.

The partnership highlights the synergy between ARDCO’s extensive local expertise in real estate development and FTG Development’s international experience in residential and hospitality projects. This collaboration will facilitate the transfer of FTG’s global knowledge, especially as it is a leading global real estate development company with a diverse portfolio and expertise in cutting-edge technology, hospitality, and entertainment concepts. FTG’s partnerships with prominent brands such as Rixos and Land of Legends enhance its ability to deliver exceptional real estate projects that meet international standards.

Jehad Alkadi, CEO of Riyadh Development Company, stated: “This step aligns with the company’s strategy announced at the beginning of 2023 under the theme ‘Investing for Growth.’ Through strategic partnerships, we aim to secure sustainable returns, maximize total shareholder value, and strengthen our leadership in real estate development and development management. This investment also underpins the shared objectives of the Sports Boulevard project by providing world-class facilities for Riyadh’s business & residents communities and plays a significant role in achieving Saudi Vision 2030 goals.”

Alkadi added, “Given the significance of this project and the ongoing economic and investment momentum in the Kingdom, we successfully established a partnership with FTG Development to adopt best practices in design, construction management, and asset operations. With extensive experience and a proven track record in delivering high-quality mixed-use projects, FTG ensures the development of global-standard developments and facilities that enable businesses and residents to adopt healthier, more productive and more sustainable lifestyles.”

Fatih Tamince, Managing Partner of FTG Development, commented: “We are honored to collaborate with ARDCO, a company with a solid track record and an ambitious strategic vision in real estate development. This partnership reflects our commitment to bringing our global expertise to the Saudi market by developing innovative projects that adhere to international standards. Saudi Arabia is a promising investment destination, and we look forward to contributing to its ambitious vision through unique projects like the Sports Boulevard, promoting sustainable development and elevating the quality of real estate projects in the Kingdom to enhance quality of life.”

The Sports Boulevard is one of Riyadh’s major projects, launched by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, on March 19, 2019, under the chairmanship of Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman. The initiative aims to enhance Riyadh’s global ranking, transforming it into a preferred, livable global destination, in line with Saudi Vision 2030 goals to promote physical, mental, and social well-being and create a vibrant community with a healthy lifestyle.