Public Investment Fund says it will lead the project to create new tourism, residential and commercial destination
The Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a tourist, residential and commercial destination.
The project, which will contribute SR18 billion ($4.8 billion) of investment over 10 years as well as 36,000 new jobs, will create a new Jeddah Downtown, a statement said.
It will include spaces for entertainment, shopping, and commercial activities and aims to deliver over 12,000 housing units to accommodate 58,000 new residents.
The project will take place across a 5 million square metre development and will be divided into six main sections, including new homes, new museums, and cultural and social centres, areas for business and innovation, gardens, amusement parks and sports facilities, hotels, shops as well as coastal areas for seaside activities, and walking routes along the private boat and yacht pier.
In total, residential will comprise 42 percent of the new development, with 35 percent dedicated to entertainment and retail areas, 12 per cent to office space, and 11 percent to new hotel and hospitality facilities.
Initial preparation works are currently underway, with construction due to start in 2019. The first phase of the project is anticipated to launch in the final quarter of 2022.
The project is in line with Vision 2030 objectives to develop tourism sites in accordance with the highest international standards and provide investment opportunities that contribute to the development of the private sector.