King Salman Park Foundation

Background

The King Salman Park Foundation is responsible for the development and management of King Salman Park, a transformative urban project in Riyadh, Saudi Arabia. Launched on March 19, 2019, by King Salman bin Abdulaziz Al Saud, the park aims to provide a variety of sports, cultural, artistic, entertainment, commercial, and residential options for both residents and visitors. This initiative aligns with Saudi Vision 2030's goal of creating a vibrant community that enjoys a healthy lifestyle in a positive and attractive environment. The park also contributes to environmental sustainability by enhancing vegetation in the region through the planting of diverse tree and plant species.

Key Strategic Focus

The foundation's strategic focus encompasses:

Urban Development: Transforming the former Riyadh Air Base into a 16.7 square kilometer urban park, making it the largest urban park globally.

Cultural and Recreational Facilities: Establishing diverse facilities, including the Royal Arts Complex, the National Theater, museums, sports complexes, and extensive green spaces to enhance the quality of life in Riyadh.

Environmental Sustainability: Increasing the region's vegetation cover by planting one million trees, thereby improving air quality and promoting biodiversity.

Economic Development: Attracting private sector investments through public-private partnerships to develop mixed-use real estate projects within the park.

Financials and Funding

In September 2023, the foundation launched the King Salman Park Real Estate Development Fund, valued at approximately SAR 4 billion (USD 1.1 billion). This fund represents the first public-private partnership project managed and funded entirely by the private sector. Saudi Fransi Capital serves as the fund manager, with Naif Al-Rajhi Investment Company acting as the real estate developer. The fund aims to develop over 290,000 square meters within the park, including more than 1,500 residential units, office spaces, retail areas, hotels, schools, and various facilities.

Pipeline Development

Key developments within King Salman Park include:

Royal Arts Complex: Construction began in May 2022 on this 500,000 square meter complex, designed to be Riyadh's cultural and creative hub. It will feature a museum, the National Theater, an outdoor amphitheater, academies, artist studios, and cinema halls.

Visitor Pavilion: An introductory, environmental, and cultural center covering 90,000 square meters, designed by architect David Adjaye. The pavilion will offer interactive displays, exhibition halls, and various amenities.

Sports and Recreational Facilities: Development of facilities such as the Royal Golf Course, sports complexes, equestrian centers, and extensive running and biking routes.

Technological Platform and Innovation

The foundation emphasizes sustainable urban development and smart city initiatives. In April 2025, Parsons Corporation was contracted to provide Project Management Office services, overseeing the design, procurement, construction, and implementation of smart city technologies within the park.

Leadership Team

Chairman: Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who oversees the strategic direction of the foundation.

Chief Executive Officer: George Tanasijevich, appointed in December 2022. Tanasijevich brings extensive experience in managing large-scale tourism and real estate projects, including his tenure as President of Marina Bay Sands in Singapore.

Leadership Changes

In December 2022, George Tanasijevich was appointed CEO of the King Salman Park Foundation, succeeding the previous leadership. His appointment reflects the foundation's commitment to leveraging global expertise in developing world-class urban projects.

Competitor Profile

Market Insights and Dynamics

The development of King Salman Park is part of a broader trend in Saudi Arabia to create large-scale urban and recreational projects that enhance the quality of life and attract tourism. Similar initiatives include:

Riyadh Art: A public art project aiming to transform Riyadh into an open-air gallery with over 1,000 artworks.

Sports Boulevard: A linear park project in Riyadh focusing on promoting a healthy lifestyle through sports and recreational facilities.

Competitor Analysis

Riyadh Art: Focuses on integrating art into public spaces, enhancing cultural engagement. While it complements King Salman Park's cultural objectives, its primary focus is on art installations rather than comprehensive urban development.

Sports Boulevard: Emphasizes sports and recreational activities, promoting physical well-being. It shares similarities with King Salman Park's recreational facilities but operates as a separate entity with a distinct focus.

Strategic Collaborations and Partnerships

The foundation has engaged in significant collaborations to ensure the successful development of King Salman Park:

Parsons Corporation: Contracted in April 2025 to provide Project Management Office services, overseeing various aspects of the park's development.

Saudi Fransi Capital and Naif Al-Rajhi Investment Company: Partners in the King Salman Park Real Estate Development Fund, facilitating private sector investment in the park's development.

Operational Insights

The foundation's strategic approach involves:

Public-Private Partnerships: Leveraging private sector investment to develop mixed-use real estate projects within the park, thereby sharing risks and rewards.

Sustainable Development: Implementing environmental initiatives, such as planting one million trees, to enhance the region's vegetation cover and promote biodiversity.

Cultural Integration: Incorporating Salmani architectural principles to reflect the rich local identity and cultural heritage in the park's design.

Strategic Opportunities and Future Directions

The foundation is poised to capitalize on several strategic opportunities:

Tourism Enhancement: Positioning King Salman Park as a premier destination for both domestic and international tourists, contributing to Saudi Arabia's tourism sector growth.

Economic Diversification: Supporting Saudi Vision 2030's objectives by creating job opportunities and stimulating economic activities through the park's various facilities and events.

Community Engagement: Offering diverse cultural, recreational, and educational programs to foster community engagement and improve the quality of life for Riyadh's residents and visitors.