Wednesday 6 December 2023

PIF launches new company to develop Jeddah's Al Balad

JEDDAH, October 3, 2023

Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of Al Balad Development Company (BDC), which will become the main developer of Jeddah’s historic Al Balad district.
This is in line with the efforts led by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz to revitalise Historic Jeddah to transform the Red Sea port city into an economic hub, a global cultural, heritage and tourism destination, said a statement.
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 sq m, with a total built-up area of 3.7 million sq m. This includes 9,300 residential units, 1,800 hotel units and around 1.3 million sq m 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, it said.
BDC aims to provide a rich experience to explore the cultural and historic dimensions of the district, by providing an integrated environment that attracts residential, work, cultural and recreation development, contributing to quality of life and improving the visitor experience. Al Balad is recognised for being an iconic Red Sea port, in addition to featuring a unique urban character and distinctive coral limestone architecture. In 2021, HRH Crown Prince launched the “Revitalize Historic Jeddah” initiative, as part of “Historic Jeddah Development Project.”
The establishment of BDC aligns with PIF’s strategy to diversify the Saudi Arabia’s economy through developing and enabling strategic sectors, including real estate and tourism, contributing to achieving the aims of Vision 2030, the statement said. -TradeArabia News Service


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