With a value of 18 billion riyals, the Public Investment Fund has announced the development of the “New Jeddah Downtown” project, which includes the waterfront in the center of Jeddah’s Corniche, with the aim of transforming it into a vibrant area and a unique tourist, residential, and commercial destination.
The project’s total floor area exceeds 5 million square meters, with capacity for more than 58,000 residents. The project area is divided into several zones, including the residential zone, which will contain more than 12,000 residential units representing approximately 42% of the project area, as well as retail and entertainment zones, which account for about 35%, while the office zone covers 12%, and the hospitality zone covers 11% of the project’s total area.
The project aims to create an attractive and distinctive environment that contributes to the development of Jeddah and supports its aspirations to become one of the top 100 cities in the world, as the project will help develop a vibrant area suitable for recreation, entertainment, and shopping, making it a unique destination for all segments of society, including residents and visitors.
The project plan includes the development of key zones, such as an area for museums and centers for cultural and social activities, a central zone for business and innovation, an area for commercial activities and shopping, an area for parks, recreational facilities, and sports activities; an area for hospitality, hotels, and resorts; as well as a beach area for marine activities, picnicking, and a marina for private boats and yachts.
Plans are currently underway to lay the foundation stone for the project during the first quarter of 2019, and the first phase is scheduled to open in the fourth quarter of 2022.
The total investment in the project is expected to reach approximately 18 billion riyals over 10 years and to create more than 36,000 jobs.
The project aligns with the Kingdom’s Vision 2030 to develop tourist destinations in accordance with the highest international standards and to provide investment opportunities that contribute to the development of the private sector, attract tourists, and promote the growth of the tourism, hospitality, and entertainment sectors.
