PIF establishes BDC to develop Jeddah Historic District

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) announced today, Oct. 3, the establishment of Al Balad Development Co. (BDC), to be the main developer of Jeddah Historic District (Al Balad).

The company will focus on improving the district’s infrastructure, overseeing the restoration of historic buildings in Al Balad and developing service facilities as well as recreational, residential, commercial, hotel and office spaces.

The project’s land area spans approximately 2.5 million square meters (sqm), with a total built-up area of 3.7 million sqm. This includes 9,300 residential units, 1,800 hotel keys and around 1.3 million sqm of commercial and office spaces.

BDC will also collaborate with the private sector and specialized entities to develop the area’s infrastructure according to the best standards of urban planning for historic areas, taking into account environmental sustainability and preserving the unique heritage of Historic Jeddah.

The aim is to transform Al Balad into a leading tourism destination that attracts visitors from around the world.

In 2021, Crown Prince Mohammed bin Salman launched the “Revitalizing Historic Jeddah” project as part of the Historic Jeddah Development Program.