Dubai: The SR75 billion Jeddah Central Project’s masterplan has been approved, which will see the development of 75 million square metres of land overlooking the Red Sea. The project will be backed by Saudi wealth fund PIF (Public Investment Fund) as well as local and international investors.
The masterplan of the project – earlier known as New Jeddah Downtown – was launched by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of PIF. It will add to the roster of mighty mixed-used developments being built in strategic locations across the Kingdom.
The project will be completed in three phases, the first of which is to be finished by the end of 2027. It will include four landmarks - opera house, museum, sports stadium and oceanarium - and contribute to “opening the way for the local private sector to participate”. The Jeddah Central Project is expected to generate an added value of SR47 billion for the Kingdom's economy by 2030.
The waterfront is 9.5 kilometres in length and includes a promenade, a marina, and a 2.1 kilometre long beach. Open spaces and public services make up 40 per cent of the project area, with the provision of designated walking areas.
There will be 17,000 residential units and more than 2,700 hotel rooms.
- The project masterplan reflects the "Hijazi essence of urban fabric and blocks" that characterize the historic city of Jeddah in a contemporary interpretation.
- More than 500 engineers and consultants participated in putting together the masterplan, representing five of the best design houses in the world.
- The Jeddah Central Development Company was established in 2019 by the Public Investment Fund.