New PIF unit to transform Jeddah’s Al Balad district

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Saudi Arabia’s Public Investment Fund has launched the Al Balad Development Company to develop Jeddah’s historic Al Balad district as the kingdom targets 150 million visitors by 2030.

The transformation will lead to the creation of Jeddah as an economic hub and a global cultural and heritage destination.

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BDC will focus on improving the district’s infrastructure, overseeing the restoration of historic buildings, and developing service facilities and recreational, residential, commercial, hotel and office spaces.

The overall project development area in Al Balad will comprise 2.5 million square metres, with a total built-up area of 3.7 million sq m. This includes 9,300 residential units, 1,800 hotel units and around 1.3 million square metres of commercial and office space.

The PIF subsidiary will collaborate with the private sector and specialists to develop the area’s infrastructure while preserving Historic Jeddah’s heritage. The area is a Unesco World Heritage site.

Crown Prince and Prime Minister Mohammed bin Salman in 2021 launched the “revitalise historic Jeddah” initiative as part of the Jeddah development project.

PIF’s Saudi Tourism Investment Compan, Asfar, last month said construction has commenced on the Gamra mountain resort project in Al Baha, the kingdom’s southwest region. The project is due to open in the first half of 2025.

Covering over 70,000 sq m, the tourism project will house 100 units, including 70 luxury villas and 30 resort rooms.