The port city of Jeddah in Saudi Arabia, situated on the Red Sea coast, is expected to develop $90bn worth of real estate and infrastructure projects by 2030.
A recent analysis carried out by global property consultant, Knight Frank has revealed that the city is expected to develop around 1.4 million square metres of retail space by 2023. The analysis goes on to say that nearly $14bn of the total $90bn spend is dedicated to new infrastructure, including a new ‘land bridge’ that will involve the construction of 1,500km of railway lines that links cities and towns between the Eastern & Western areas of Saudi Arabia.
Faisal Durrani, Head of Middle East Research at Knight Frank, said, “With some 89,000 new homes, 250,000sq m of offices and nearly 1.4 millionsq m metres of retail space, the city will be significantly revitalised by the end of the decade.”
Yazeed Hijazi, Associate Partner, Real Estate Strategy & Consulting KSA, said: “With nearly $3.3bn earmarked for wellbeing projects, the residents of Jeddah are set to benefit from improvements to the city’s leisure, cultural, education and healthcare facilities.”
