Saudi Arabia’s Giant Urban Park Planner Starts $1 Billion Fund

A Saudi state-backed developer building one of the world’s largest city parks started a $1 billion investment fund to drive development and attract private investors.

King Salman Park Foundation said in a statement that it is partnering with domestic firms Ajdan Real Estate and SEDCO Capital to establish the fund, which will back construction of homes, hotels and offices in a neighborhood within the project. The foundation will provide the land, while private-sector partners will fund construction, according to the statement.