Jeddah: Crown Prince Muhammad bin Salman, Deputy Prime Minister, Chairman of the Board of Directors of Jeddah Central Development Company; and Chairman of the Board of Directors of the Public Investment Fund launched on Friday the master plan and leading features of the Jeddah Central Project; previously known as New Jeddah Downtown.
The ambitious SR75 billion project will develop 5.7 million square meters of land overlooking the Red Sea; and be financed by the Public Investment Fund and local and international investors.
The development master plan is part of the Crown Prince’s efforts to develop all regions and cities of the Kingdom. The project will bring in a world-class destination overlooking the Red Sea in the heart of Jeddah and strengthen the city’s economy further.
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The Jeddah Central Project expects to achieve an estimated added value of SR47 billion for the Kingdom’s economy by 2030. It will include an opera house, a museum, a sports stadium, and an oceanarium; — with the local private sector participating in the development; it will shape the operation of tourism, culture, entertainment, and sports.
Additionally, the city will benefit from the building of 17,000 residential units; and multiple hotels offering over 2,700 rooms and integrated solutions for the business sector.
Furthermore, the project will feature a world-class marina and stunning beach resorts and restaurants; and cafes, and various options of shopping areas.
The project master plan draws on the Hijazi influence of urban style and continues the historic character of Jeddah in a contemporary interpretation.
The project will achieve the objectives of Vision 2030 and the Saudi Green Initiative; both of which aim at building a prosperous, vibrant economy while providing the best lifestyle for residents and visitors.
The project’s 9.5 km long waterfront includes a promenade; a marina for local and international yachts, and a 2.1 km long recreational beach. Open spaces and public services make up 40% of the project area; with designated walking areas to create a walkable environment.
The waterfront project will complete in three phases, with the first project set to be finished by the end of 2027.