Transforming Historic Jeddah into a Global Tourism and Cultural Hub.
Al Balad Development Company, a Public Investment Fund (PIF) company and the master developer leading the revitalization of Historic Jeddah, has launched an ambitious $3.6 billion investment portfolio to develop hospitality assets in the heart of Al Balad. The announcement was made during the TOURISE Global Summit, held in Riyadh in November 2025, where global tourism leaders gathered to unite efforts, innovate solutions, and drive transformative investments in the sector.
More than 3,300 hotel keys planned across midscale to luxury categories
Spanning the years 2025 to 2038, the investment plan will deliver more than 3,300 hotel keys across a diverse range of categories from midscale to luxury. The portfolio will be executed through flexible investment and financing models that include public–private partnerships, investment funds, and joint ventures. This milestone represents a vital step in enhancing the district’s tourism and cultural appeal while fostering sustainable economic growth.
Jamil Hassan Ghaznawi, Chief Executive Officer of Al Balad Development Company, commented: “This announcement represents a qualitative step in the journey to develop Historic Jeddah, combining leadership in development with empowering the private sector to create sustainable investment opportunities in a unique heritage environment. Through it, we aim to develop a hospitality experience that reflects the authenticity of the place and meets visitors’ aspirations.”
Revitalizing Al Balad as a global cultural and tourism destination
The initiative underscores Al Balad Development Company’s commitment to preserving the architectural and cultural identity of Historic Jeddah while contributing to the broader objectives of Saudi Vision 2030. By attracting strategic investment and advancing the tourism, hospitality, and culture sectors, the company aims to position Al Balad as a vibrant global destination and a living showcase of Saudi heritage and innovation.
As a PIF company, Al Balad Development Company continues to implement landmark projects that breathe new life into one of the Kingdom’s most treasured districts, transforming Historic Jeddah into a thriving urban ecosystem where heritage, commerce, and creativity coexist seamlessly.
Discover how Al Balad Development Company is redefining the future of heritage-driven urban development in Saudi Arabia.