Riyadh: The Public Investment Fund (PIF) has launched Al Balad Development Company (BDC), it was announced on Tuesday.
This company will lead the development of Jeddah’s historic Al Balad district, aligning with Crown Prince Mohammed bin Salman bin Abdulaziz’s ongoing efforts to rejuvenate Historic Jeddah. The goal is to transform Jeddah into an economic center, a global cultural and heritage destination, and a prominent tourism spot, in line with Saudi Vision 2030.
BDC’s primary focus will be enhancing the district’s infrastructure, supervising the restoration of historic Al Balad buildings, and creating service facilities, as well as residential, commercial, hotel, and office spaces.
The total development area will encompass around 2.5 million square meters, with a total built-up area of 3.7 million square meters, including 9,300 residential units, 1,800 hotel units, and approximately 1.3 million square meters of commercial and office space.
The company will collaborate with the private sector and specialists to ensure that the area’s infrastructure adheres to high standards of urban planning for historic zones, considering environmental sustainability and preserving the unique heritage of Historic Jeddah, a UNESCO World Heritage site.
“The objective is to make it a premier tourist destination, stimulating economic development and providing investment opportunities and commercial options for Jeddah residents,” PIF said in a statement.
BDC aims to offer a comprehensive environment that encourages residential, work, cultural, and recreational development, enriching the quality of life and enhancing the visitor experience. Al Balad is renowned for its status as an iconic Red Sea port and its distinctive coral limestone architecture. In 2021, Crown Prince Mohammed bin Salman launched the “Revitalize Historic Jeddah” initiative as part of the “Historic Jeddah Development Project.”