The master plan for the SR75 billion Jeddah Central Project, formerly known as New Jeddah Downtown, has been unveiled by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.
The massive project will be erected over 5.7 million square metres of land facing the Red Sea and will be financed by the Public Investment Fund, as well as local and international investors. The launch of the master plan comes as part of the Crown Prince’s efforts to develop all regions and cities of the kingdom.
The initiative aims to create a world-class attraction in the centre of Jeddah, overlooking the Red Sea, and will boost the city’s economy, the Crown Prince explained.
In addition, the city will benefit from the development of residential zones, which will include 17,000 residences, as well as hotel complexes with over 2,700 rooms and integrated business solutions.
Jeddah Central Project is expected to add $12.5 billion to the Kingdom’s economy by 2030
A marina and beach resorts, as well as restaurants and cafes, will form part of the project. The project’s shoreline will be 9.5 kilometers long, with a promenade and a 2.1kilometer-long beach. With the provision of designated walking areas, open spaces and public services make up 40% of the planned area.
Jeddah Central Development Company, the project’s developer, was founded by the Public Investment Fund in 2019. The project will be completed in three parts, the first of which is estimated to be ready by the end of 2027. Currently, the company is working with authorities to ensure that each stage of the project is executed.
The master plan was developed with the help of more than 500 specialist engineers and consultants from five of the world’s leading design firms.
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