Saudi Crown Prince launches 75 billion riyal Jeddah Central Project

The project is expected to achieve an estimated added value of 47 billion riyal.

By Reuters, WAM

Published: Fri 17 Dec 2021, 4:49 PM

Last updated: Fri 17 Dec 2021, 9:26 PM

Saudi Arabia's Crown Prince Mohammed bin Salman has launched the plan and main features of the Jeddah Central Project, previously known as New Jeddah Downtown, with total investments of 75 billion riyal ($19.99 billion), SPA reported on Friday.

"The ambitious 75 billion Saudi riyal project will develop 5.7 million square metres of land overlooking the Red Sea to be financed by the Public Investment Fund and from local and international investors," SPA said in a statement.

The project is expected to achieve an estimated added value of 47 billion riyals for the Kingdom's economy by 2030, SPA said.

It will include four notable landmarks (opera House, museum, sports Stadium and oceanarium) and contribute to opening the way for the local private sector to participate in the development, which will help shape the operation of promising economic sectors including tourism, entertainment, culture, and sports.

In addition, the city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector. The project will feature a world-class marina and stunning beach resorts, as well as an restaurants and cafes, and diverse shopping options.

The project master plan reflects the Hijazi essence of urban fabric and blocks that characterise the historic city of Jeddah in a contemporary interpretation designed to the highest international standards. It also considers the application of the latest technologies to transform Jeddah into a "smart destination," creating an effortless experience for residents and visitors. In addition, the design of the project has adopted world-class sustainability programs to contribute to supporting the environment and the economy, in line with the objectives of the Saudi Green Initiative. More than 500 expert engineers and consultants participated in the development of the master plan, representing five of the best design houses in the world.

Vision 2030

The project contributes to achieving the objectives of Vision 2030, which aims to build a prosperous economy and a vibrant society while providing the best lifestyle for residents and visitors. The waterfront of the project is 9.5 km long, which includes a promenade, a marina to host local and international yachts, and a 2.1 km long beach. Open spaces and public services make up 40 per cent of the project area, with the provision of designated walking areas to create a walkable environment.

The project is one of the most exciting local investments of the Public Investment Fund, which contributes to diversifying sources of income, advancing the national economy and creating more job opportunities for Saudi citizens.

The project’s developer, Jeddah Central Development Company, was established in 2019 by the Public Investment Fund. Its board of directors is headed by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud. The company will complete the project in three phases, the first of which is set to be finished by the end of 2027.

Following this milestone, the Jeddah Central Project will begin welcoming Jeddah residents, together with visitors from both inside and outside the Kingdom. Currently, the company is working with all relevant authorities to ensure the implementation of every stage of the project.