PIF Announces 'Al Balad Development Company' to Develop Jeddah's Historic District and Transform it into Global Cultural and Heritage Destination
Riyadh, October 03, 2023, SPA -- The Public Investment Fund (PIF) has today announced the establishment of Al Balad Development Company (BDC). The company will become the main developer of Jeddah's historic Al Balad district, in line with the continuous efforts led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister to revitalize Historic Jeddah to transform Jeddah into an economic hub, a global cultural and heritage destination, and a leading tourism destination, inspired by Jeddah's rich history and contributing to the realization of Saudi Vision 2030.
The company will focus on improving the district's infrastructure, overseeing the restoration of historic buildings in Al Balad, and developing service facilities as well as recreational, residential, commercial, hotel and office spaces. The overall project development area will comprise approximately 2.5 million square meters, with a total built up area of 3.7 million square meters. This includes 9,300 residential units, 1,800 hotel units and around 1.3 million square meters of commercial and office space.
The company will collaborate with the private sector and specialists to develop the area's infrastructure according to the best standards of urban planning for historic areas, taking into account environmental sustainability and preserving the unique heritage of Historic Jeddah: a UNESCO World Heritage site. The aim is to transform it into a leading tourism destination that attracts visitors from around the world, thus contributing to economic development, with the company also working to offer attractive investment opportunities and quality commercial options for the people of Jeddah.
BDC aims to provide a rich experience to explore the cultural and historic dimensions of the district, by providing an integrated environment that attracts residential, work, cultural and recreation development, contributing to quality of life and improving the visitor experience. Al Balad is recognized for being an iconic Red Sea port, in addition to featuring a unique urban character and distinctive coral limestone architecture. In 2021, HRH Crown Prince launched the "Revitalize Historic Jeddah" initiative, as part of "Historic Jeddah Development Project."
The establishment of BDC aligns with PIF's strategy to diversify the Saudi Arabia's economy through developing and enabling strategic sectors, including real estate and tourism, contributing to achieving the aims of Vision 2030.