King Salman Park Foundation Awards SAR11 Billion Fifth Investment Package at MIPIM 2026

King Salman Park Foundation announced the awarding of its fifth investment package to a consortium led by Kolaghassi Development Company during the MIPIM 2026, the Global Urban Festival, in Cannes, France. This project, valued at over SAR11 billion ($3 billion), is supported by an investment fund managed by Mulkia Investment and is backed by a mix of Saudi and international investors. It aims to develop a new mixed-use urban area within the park as part of the foundation's broader real estate investment program.
 The development will cover a total built-up area exceeding one million square meters, strategically located adjacent to the King Salman Park metro station, offering high connectivity and ease of access to various parts of the city.
 The project’s master plan features a primary residential character, incorporating 3,700 residential units, a world-class general education facility, 300 hotel units, and 100,000 square meters of office space.
 The project will be executed in accordance with recognized international standards for sustainability and quality of life, aiming for LEED and WELL Gold certifications for key assets while maintaining high sustainability standards across the entire development.
 King Salman Park continues to make steady progress, with large portions of infrastructure completed and development ongoing across public spaces and key cultural assets. To date, 93% of construction and infrastructure contracts have been awarded, reflecting the foundation's commitment to its approved plans.
 CEO of the King Salman Park Foundation George Tanasijevich stated that this investment marks an important milestone, reflecting global confidence in the project and the foundation's implementation framework, adding that partners bring expertise and insights that raise standards and support Riyadh's path as a global city.