Skip to content Skip to Search
Skip navigation

New PIF unit to transform Jeddah’s Al Balad district

Visit Saudi
A night view of the Al Balad site. The new development will include 9,300 residential units and 1,800 hotel units

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.

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.

Latest articles

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

Spinneys plans to open another 12 stores in Saudi Arabia by 2028

Spinneys opens first Saudi supermarket in Riyadh

Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi […]