The King Salman Park Foundation has announced two major development awards valued at more than $3.85bn at MIPIM 2026, marking a significant milestone in the delivery of Riyadh’s flagship urban park.
The awards cover Package 5 and Package 4, two residential-led mixed-use districts that will be developed through fund-led investment structures and international development partnerships as part of the park’s wider real estate investment programme. The announcements bring total committed investment across five major packages to more than $5.3bn.
The largest development announced at MIPIM is Package 5, a residential-led mixed-use district with a total project value exceeding $3bn. The project will be delivered by a consortium led by Kolaghassi Development Company, supported by a CMA-regulated fund managed by Mulkia Investment Company.
Under the structure, the King Salman Park Foundation will contribute land, while private-sector partners and local banks will provide capital and development capabilities.
The development will include:
- Approximately 3,700 residential units
- A K-12 school
- Approximately 300 hospitality keys
- More than 100,000sq m of Grade A office space
- Retail and dining offerings
