Saudi Arabia gets $3.8B foreign investment for King Salman Park

Saudi Arabia’s ambition to build the world’s biggest urban park has received a $3.8 billion vote of confidence from foreign investors.

The King Salman Park Foundation said on Tuesday that the new funds raise the total investment in the Riyadh mega-project to more than $5.3 billion.

The development, launched in 2019 under Saudi Crown Prince Mohammed bin Salman’s Vision 2030 economic overhaul plan, calls for construction of offices, homes, hotels, schools and shopping centers within the 17 square-kilometer (6.6 square-mile) metropolitan oasis, along with the planting of more than 1 million trees.

“Securing investment of this scale, supported by international capital and expertise, is an important milestone,” the foundation’s CEO George Tanasijevich said.