Jamil Ghaznawi, CEO of “Tatweer Al-Balad”—a company owned by the Public Investment Fund—revealed yesterday, that the company aims to provide 1,800 hotel rooms, more than 9,000 residential units, and over one million square meters of retail and office space in the city of Jeddah through the completion of several projects.

On the sidelines of the World Travel Market in London, he added that the company is the lead developer of the Jeddah Historic District, explaining that its work ranges from the development, reconstruction, management, and operation of hotel, residential, and office buildings, as well as retail spaces.

Ghaznawi explained that “Al-Balad Development” is preparing the infrastructure with the aim of attracting local and international investors and operators to its projects in Jeddah, noting that the company’s responsibilities include the restoration and rehabilitation of buildings, as well as the design and development of land and the management and operation of assets, including those to be converted into historic hotels.

He noted that the development objectives include stimulating economic activity, and creating an environment conducive to work and leisure, which will help create jobs and increase visitor numbers, in line with the Kingdom’s Vision 2030. He noted that Jeddah is home to five historic markets, more than 600 historic buildings, and 36 historic mosques.