An ambitious SR75-billion ($20 billion) project is set to come up on a 5.7-million-sq-m area in Saudi Arabia’s port city of Jeddah, following the unveiling of the masterplan by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the kingdom’s Crown Prince, Deputy Prime Minister, Chairman of the Board of Directors of the Public Investment Fund (PIF)
Jeddah Central Project (previously known as New Jeddah Downtown) envisions the creation of a world-class destination overlooking the Red Sea in the heart of Jeddah and will further strengthen the city’s economy. It will be financed by the Public Investment Fund and by local and international investors and is being spearheaded by Jeddah Central Development Company, which was set up by the PIF in 2019.
The Jeddah Central Project will include four notable landmarks – an opera house, museum, sports stadium and oceanarium – and pave the way for the local private sector to participate in the development. In addition, it involves the development of modern residential areas, encompassing 17,000 homes and hotel projects that offer more than 2,700 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 restaurants and cafes, and diverse shopping options.
More than 500 expert engineers and consultants participated in the development of the masterplan, representing five of the best design houses in the world. The masterplan 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,” and will adopt world-class sustainability programmes, in line with the objectives of the Saudi Green Initiative.
The waterfront of the project is 9.5 km long and 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.
Jeddah Central Development Company is currently working with all relevant authorities to ensure the implementation of every stage of the project. It is aiming to complete the project in three phases, the first of which is targeted to be finished by the end of 2027.