Saudi Arabia’s Crown Prince, Mohammed bin Salman bin Abdulaziz Al Saud has unveiled the masterplan and main features of the $20 billion Jeddah Central Project, previously known as New Jeddah Downtown.
The ambitious project which will be financed by Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) along with local and international investors will cover more than 5.7 million square meters of land overlooking the Red Sea.
The launch of the master plan and main features comes as part of the efforts of the Crown Prince, who is also the Chairman of the Board of Directors of Jeddah Central Development Company, to develop all regions and cities of the Kingdom.
The project, which is expected to add $12.52 billion to the Kingdom’s economy by 2030, will include four landmarks, an opera house, a museum, a sports stadium and an oceanarium.
The Jeddah Central Project is also expected to open the path for the local private sector to participate in the development, which will help to shape the operation of promising economic sectors including tourism, entertainment, culture, and sports.
Further, modern residential areas spanning 17,000 units and diversified hotel projects with over 2,700 rooms will be developed, with provisions for integrated solutions for the business sector. The project will also feature a marina, beach resorts, restaurants, cafes and various shopping options.
The masterplan echoes the Hijazi essence of urban fabric and blocks that represent the historic city of Jeddah in a contemporary interpretation. It also considers the application of the latest technologies to transform Jeddah into a smart destination. The project is expected to be completed in three phases, the first of which is set to be finished by the end of 2027.
Furthermore, the Jeddah Central Project’s design has adopted world-class sustainability programs to contribute to supporting the environment and the economy, in line with the objectives of the Saudi Green Initiative. Over 500 expert engineers and consultants participated in the development of the master plan, representing five of the best design houses in the world.
The Jeddah Central Project has many natural features, including the waterfront with a water strip of 9.5 kilometers in length. It contains a marina with international specifications prepared to receive yachts from inside and outside the Kingdom and a sandy beach with a length of 2.1 kilometers. Open spaces and public services make up 40 percent of the project area, with the provision of designated walking areas.
The project contributes to achieving the objectives of Vision 2030, which aims to build a prosperous economy and a vibrant society while providing the best lifestyle for residents and visitors. Saudi Arabia is pushing forward with numerous mega-developments that are aimed at significantly boosting and diversifying the national economy.
The project is one of the most exciting local investments of the PIF, which contributes to diversifying sources of income, advancing the national economy and creating more job opportunities for Saudi citizens.