Public Investment Fund to Develop Historic Jeddah
Thanks to a $20 billion project, the limestone-studded city of Jeddah, the commercial center of Saudi Arabia, will turn into a modernized, vital city bustling with visitors. The Public Investment Fund (PIF) launched the master development Downtown Jeddah project to develop Jeddah’s historic area, El-Balad. The PIF announced on Tuesday the establishment of “El-Balad Development Company” which will be responsible for the project in cooperation with all relevant authorities.
Jeddah’s Project and the Economy
The project goes hand in hand with the multisource economy strategy of PIF, thus empowering vital sectors like tourism serves this strategy. The Jeddah project is expected to contribute 47 billion riyals to the Saudi economy by 2030.
This step is among Crown Prince Mohammed Bin Salman’s rolling efforts to develop the historic area to be an economic center and a cultural destination. In light of the objectives of the Kingdom’s Vision 2030, these efforts aim to make Jeddah a global tourist destination. PIF, Saudi investors as well as foreign investors will be financing the project.
Project’s Plan
The project has three phases; phase one will be completed by 2027. The project will develop the infrastructure in line with standards of environmental sustainability. Considering its historic value, the project will work on restoring historical buildings in El-Balad region in line with standards of urban planning in historic areas while protecting the unique historic identity of Jeddah.
Jeddah Having a Foot in Both the Past and Present Camps
In a bid to create a harmonious mix of the past and the present, the project will add a modernized touch by building recreational places like a marina, beach resorts, deluxe local as well as international hotels, restaurants and cafes. An opera house and a museum will add an artistic touch to the city.
It aims to provide an integrated environment suitable for work, living and recreational and cultural spaces.
By the end of this project, Downtown Jeddah will be ready to open its doors to Saudis and tourists from around the world.
