As part of its efforts to implement projects in historic Jeddah and transform it into a thriving economic system that combines the preservation and exploitation of urban and cultural identity, Al Balad Development Company, a subsidiary of the Public Investment Fund, has launched a new investment portfolio worth $3.6 billion, which targets the development of hospitality and hotel projects in the historic Jeddah area, including the construction and development of more than 3,300 hotel units from medium to luxury, in stages until 2038, according to the company's CEO, Jamil Hassan Ghaznavi.

Ghaznavi said in a press statement. The move is one of the largest hospitality development programs in the Kingdom, which reflects the company's commitment to enhancing tourism infrastructure and supporting the growth of the national economy, in line with the objectives of Saudi Vision 2030.

Ghaznavi said in a press statement. He stressed that the investment portfolio will adopt flexible financing and investment models, including public-private partnerships and investment funds, in order to attract local and international investors, in addition to supporting the growth of the tourism and hospitality sector in the Kingdom, in an effort to empower the private sector and provide sustainable investment opportunities in a unique heritage environment.

The CEO of the company explained that this step is the largest hospitality development program in the Kingdom, which reflects the company's commitment to strengthening tourism infrastructure and supporting the growth of the national economy, in line with the objectives of the Saudi Vision 2030. The CEO of Al Balad Development Company explained that the project is a strategic investment that redefines the tourism and hospitality scene in Historic Jeddah, one of the most prominent heritage sites in Saudi Arabia, by revitalizing the area and transforming it into a global tourism and cultural destination that combines authenticity, heritage and sustainable development.