The Public Investment Fund (PIF) will be leading the redevelopment of Jeddah’s waterfront corniche, which will be transformed into the ‘New Jeddah Downtown’, a charming tourist, residential and commercial destination.
Following an investment of $4.8 billion over a 10-year period, the project will create 36,000 jobs and will support Jeddah’s ambitions of becoming one of the world’s top 100 cities.
Upon completion, visitors and locals to the New Jeddah Downtown will enjoy plenty of entertainment, retail options and commercial activities. In total, the project aims to deliver over 12,000 housing units to accommodate 58,000 new residents.
Spanning five-million square metres, the development will comprise six main sections: new homes; new museums and cultural and social centres; areas for business and innovation; gardens, amusement parks and sports facilities; hotels and hospitality facilities; and retail spaces. Adding to this, the project will feature dedicated coastal areas for seaside activities as well as walking routes along the private boat and yacht pier.
Construction on this game-changing destination, which falls in line with Saudi Arabia’s Vision 2030 objectives, is scheduled to commence in 2019, which the first phase of the project slated to launch in Q4 of 2022.