Saudi Public Investment Fund to lead development of Jeddah

The Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a unique tourist, residential and commercial destination, to become the “New Jeddah Downtown”.
The project, which will contribute SR18 billion in investments over 10 years as well as 36,000 new jobs, aims to create a distinctive and attractive environment to support Jeddah’s ambition of becoming one of the world’s top 100 cities.
The project will include spaces for entertainment, shopping, and commercial activities, which are accessible for both residents and visitors. It also aims to deliver over 12,000 housing units to accommodate 58,000 new residents.
The project will take place across a 5 million square meter development area divided into six main sections, including new homes; new museums, and cultural and social center; areas for business and innovation; gardens, amusement parks and sports facilities; hotels and hospitality facilities; retail spaces; as well as coastal areas for seaside activities, and walking routes along the private boat and yacht pier.
In total, residential will comprise 42 percent of the new development, with 35 percent dedicated to entertainment and retail areas, 12 per cent to office space, and 11 percent to new hotel and hospitality facilities.
Initial preparation works are currently underway, with construction due to start in 2019. The first phase of the project is anticipated to launch in the final quarter of 2022.
The project is in line with Saudi Arabia’s Vision 2030 objectives to develop tourism sites in accordance with the highest international standards and provide investment opportunities that contribute to the development of the private sector.

Source: Arab News