Crown Prince launches SAR 75 bln Jeddah Central masterplan

Saudi Crown Prince Mohammed bin Salman

Saudi Crown Prince Mohammed bin Salman launched the master plan and main features of Jeddah Central project (formerly, New Jeddah Downtown) at a total investment value of SAR 75 billion. 

These investments were allocated for the development of 5.7 million square meters (sqm) to create a world-class destination in Jeddah, financed by the Public Investment Fund (PIF) as well as local and foreign investors, SPA reported. 

The project is expected to achieve an estimated added value of SAR 47 billion for the Kingdom’s economy by 2030. The project will encompass four landmarks “an opera house, a museum, a stadium, and an oceanarium”. 

The operational work of the project will contribute to opening the way for the local private sector to participate in the development and operation of promising economic sectors such as tourism, sports, cultural and entertainment, as per the international standards. This also includes other sectors such as construction to develop modern residential areas comprising 17,000 housing units and a variety of hotel projects that provide more than 2,700 rooms, a world-class marina and stunning beach resorts. The project also includes a wide range of luxury local and international hotels, restaurants and cafes, and various options for shopping, as the project aims to provide integrated solutions for the business sector. 

Modern designs have been adopted for the project as per the international standards, with keenness to apply the elements and components of the urban fabric inspired by the original Hijazi architecture. The designs take into account the application of the latest international technologies, so that the project becomes a “smart destination” depending on innovative technologies, in addition to adopting the use of the best sustainability techniques, including renewable energy, which will contribute to supporting environmental sustainability in line with the objectives of the Saudi Green Initiative, where more than 500 engineers and consultants participated in the design of the master plan, representing five of the best expertise houses in the world. 

It will contribute to the delivery of Vision 2030 objectives, which aims to build a prosperous economy and a vibrant society while providing the best lifestyle for residents and visitors, as the Jeddah Central project has multiple natural components, including waterfront with a 9.5 kilometer-long (km) water strip, and a marina with international specifications prepared to receive yachts from inside and outside the Kingdom. There is also a 2.1-kilometer-long sandy beach, in addition to green spaces, open spaces. Public services will constitute 40% of the project area. 

The project is a local investment of the PIF, which aims at the Kingdom’s income diversification and providing more job opportunities for Saudis.  

The launch of the Jeddah Central project’s masterplan comes as part of the framework of the Crown Prince’s interest in developing all regions and cities of the Kingdom, and in line with the objectives of the Kingdom’s Vision 2030, as the project aims to create a global destination in the heart of Jeddah with direct views of the Red Sea, which contributes to enhancing the economic position of the city of Jeddah. 

In 2019, the PIF established Central Jeddah Development Co. to develop the project. The company’s board of directors was formed, headed by the Saudi Crown Prince. The project developer will implement the project in three phases, the first of which will be complete by the end of 2027. In 2027, the project is expected to welcome the residents and visitors of Jeddah from inside and outside the Kingdom.

The company is working with all competent authorities to ensure the project completion according to the approved time plan.