The Public Investment Fund has established the Al Balad Development Company to transform Historic Jeddah in Saudi Arabia.
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister has set the target to revitalise Historic Jeddah to transform Jeddah into an economic hub, a global cultural and heritage destination, and a leading tourism destination. The project is inspired by Jeddah’s rich history and contributes to the realisation of Saudi Vision 2030.
The company will focus on improving the district’s infrastructure, overseeing the restoration of historic buildings in Al Balad, and developing service facilities as well as recreational, residential, commercial, hotel and office spaces.
The overall project development area will comprise approximately 2.5 million square metres, with a total built-up area of 3.7 million square metres. This includes 9,300 residential units, 1,800 hotel units and around 1.3 million square meters of commercial and office space.
The company will collaborate with the private sector and specialists to develop the area’s infrastructure according to the best standards of urban planning for historic areas, taking into account environmental sustainability and preserving the unique heritage of Historic Jeddah: a UNESCO World Heritage site. The aim is to transform it into a leading tourism destination that attracts visitors from around the world, thus contributing to economic development, with the company also working to offer attractive investment opportunities and quality commercial options for the people of Jeddah.
