Launched by the Saudi Crown Prince, Deputy Prime Minister, Chairman of the Board of Directors of the Public Investment Fund and Chairman of the Board of Directors of Jeddah Central Development Company, HRH Mohammed bin Salman bin Abdulaziz Al Saud The Jeddah Central Project is a dynamic new initiative that aims to transform the city and will add an estimated SAR 47 billion to Saudi Arabia’s economy by 2030. But what is the Jeddah Central Project and what will be included? How will it shape the city of Jeddah and enhance the community? And what will it mean to potential investors from the region and around the world. Saudi Arabia Sotheby’s International Realty investigates.
The Jeddah Central Project: An Overview
Previously known as the New Jeddah Downtown, the Jeddah Central Project is valued at over $20 billion (SAR75 billion) and will develop over 5.7 million square metres of land overlooking the Red Sea. The project will be financed by the Public Investment Fund, as well as by local and international investors, as it forms part of the Saudi Vision 2030 with its objective to position the Kingdom into the ‘region’s most attractive investment, financial and lifestyle destination’. This master planned development project will include four key elements, the Opera House, Museum, Sports Stadium and Oceanarium. Its design reflects the Hijazi essence of urban fabric and blocks that mirror the historic city of Jeddah. It will also be a ‘smart destination’ utilising the latest technology to create an effortless experience for visitors and residents. More than 500 expert engineers and consultants played a role in bringing this vision to life, including individuals from five of the best design agencies in the world. Under their imagination and directive, the complex will also adopt a series of world-class sustainability programs to bring it inline with the Saudi Green Initiative and support the economy and the environment.
Investment Opportunities
The Jeddah Central Project will also open the way for the local private sector to play its role in this visionary development project, shaping the strategic operations in order to bolster the key economic sectors of tourism, entertainment, sports and culture. Investment opportunities will be varied and extensive since the project will also include the ‘building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms’. As well as integrated solutions for the business sector, the project will also showcase a marina, five-star beach resorts, superb shopping, restaurants and cafes. The gorgeous waterfront section of the project will be 9.5km long and include a promenade and a 2.1km beach. Over 40% of the project will be devoted to open spaces and public services with specially designated walking areas situated throughout to encourage a more pedestrian-focused way of life.
The Jeddah Central Project is a truly exceptional endeavour with superb investment opportunities for those interested in real estate, luxury property, hospitality and commercial outlets. It will also play a significant role in the implementation of the Vision 2030 goal to create the very best lifestyle for residents and visitors to Saudi Arabia.
If you would like to find out more about the Jeddah Central Project, KSA mega projects, luxury property in Saudi Arabia or other real estate investment opportunities, get in touch with one of our consultants at Saudi Arabia Sotheby’s International Realty today.