At MIPIM 2026, the King Salman Park Foundation awarded Package 5 works contract within King Salman Park to a consortium led by Kolaghassi Development Company, making it the largest residential-led mixed-use district announced within the Park to date.
Supported by a CMA-regulated investment fund managed by Mulkia Investment Company, the package is valued at more than SAR 11bn ($3bn) and is progressing towards the finalisation of definitive agreements.
King Salman Park is a flagship urban park and mixed-use development hub of Riyadh, which has long been regarded as one of the world’s most resilient real estate markets.
Residential-led district with metro connectivity
The district will span more than 400,000m2 (4.3 million ft2) of residential space, accommodating approximately 3,700 housing units. The development will also include a K–12 school, ensuring educational provision for future residents, and a hospitality component with around 300 keys.
Strategically located adjacent to the King Salman Park metro station, the district will benefit from strong connectivity across Riyadh and within the Park.
Kolaghassi-led consortium driving the development
Kolaghassi Development Company will lead the project in partnership with Al Othaim Investment, a prominent Saudi real estate group, and RXR, a global investor with extensive experience in large-scale mixed-use developments.
The district will be delivered in line with international sustainability and wellbeing standards, targeting LEED and WELL Gold certification for key assets, ensuring high-quality design and future-ready urban living.
Strong delivery momentum and long-term residential potential
King Salman Park is advancing steadily from planning to delivery, with significant progress in infrastructure, public spaces, and cultural amenities. With early engagement in Package 5, investors and partners are positioned to benefit from the district’s long-term residential growth, as the development forms a key component of Riyadh’s evolving urban hierarchy.
Conceived as the new green heart of Riyadh, King Salman Park will span 16.7km2, including 12km2 of open space dedicated to public and recreational use. The park will host a wide range of cultural and leisure amenities, such as the Royal Arts Complex, the national theatre, museums, a golf course, an equestrian centre, and an 8,000-seat outdoor theatre.
