Jeddah Central Development Company, a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement with the Royal Saudi Air Defense Forces Institute to acquire a prime site for the Phase One of its SR75 billion ($20.4 billion) Jeddah Central Project.
The mega project, previously known as New Jeddah Downtown, is being developed on a 5.7 million sq m of land overlooking the Red Sea.
Launched by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister of Saudi Arabia in December last year, the masterplan boasts four landmarks – an opera house, museum, sports stadium and oceanarium – which will contribute to opening the way for the private sector to participate in the development, thus helping shape the future of promising economic sectors including tourism, entertainment, culture, and sports.
In addition, the city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector.
The project’s waterfront will run 9.5 km long and include a promenade, a marina to host local and international yachts, and a 2.1 km long beach. Open spaces and public services make up 40 per cent of the project area, with the provision of designated walking areas to create a walkable environment.
On the key acquisition, JCDC said the Phase One spanning 1.5 million sq m area, will include a sports stadium, beach and recreation areas.
“With its tourism, sports, cultural and entertainment offerings, the project will further JCDC’s contributions to the Public Investment Fund’s efforts focused on accelerating the diversification and growth of Saudi Arabia’s economy in line with the objectives of Vision 2030,” remarked its CEO Ahmed Al Sulaim after signing the deal with Abdullah bin Hassan Al Rabbaa, Commander of the Royal Saudi Air Defense Forces Institute in Jeddah.
The Jeddah Central Project will be developed in three phases, the first of which will be completed by the end of 2027.
