Retal Urban Development Company, Saudi Arabia has announced that it has received a project award letter from King Salman Park Company (KSPC) for the development of a major mixed-use project within King Salman Park in Riyadh.
The total expected value of the project is approximately SAR 3.2 billion.
The project has been awarded to a consortium led by Retal and will be developed in Package Four within the Cultural Neighborhood of King Salman Park, located near the Royal Arts Complex. The development aims to create a predominantly residential mixed-use urban district that combines modern living with cultural and commercial experiences.
The project will feature more than 600 residential units, over 140 hotel units, and approximately 50,000 square meters of office space. In addition, the development will include a range of retail outlets, restaurants, cafés, and unique experiential offerings designed to enhance the lifestyle and entertainment options within the park.
The master plan will leverage the park’s unique natural and cultural elements to minimize environmental impact while promoting sustainable urban living. Its carefully designed urban planning framework will ensure efficient mobility, support the creation of a vibrant community, and contribute to improved public health and quality of life. The development will also align with the broader vision of transforming King Salman Park into a world-class destination.
The project is backed by an investment fund managed by SAB Invest and regulated by the Capital Market Authority. Under this structure, King Salman Park Company will contribute the project land, while consortium partners will provide the necessary capital and development expertise to deliver the project.
The development represents a significant milestone in the ongoing transformation of King Salman Park, one of Riyadh’s flagship urban projects, and further strengthens Retal’s position as a leading developer delivering large-scale residential and mixed-use communities across the Kingdom.
