Kingdom of Saudi Arabia Prepares 20 Billion Dollars for Recreational Tourism Projects

Kingdom of Saudi Arabia Prepares 20 Billion Dollars for Recreational Tourism Projects

The Jeddah Central Project, formerly known as the New Jeddah City Center, was officially launched. The inauguration of this master plan was carried out by the Crown Prince, His Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud.

This ambitious project worth 20 billion US dollars will be built on a land area of ​​5.7 million square meters, overlooking the Red Sea. The construction process will be financed by the Public Investment Fund, as well as local and international investors.

Ummatimes - The launch of this master plan and key features comes as part of HRH Crown Prince's efforts, to develop all regions and cities of the Kingdom. The project has the vision of creating a world-class destination overlooking the Red Sea in the heart of Jeddah, and will further strengthen the city's economy.

The Jeddah Center Project is expected to achieve an estimated value added of 47 billion Saudi riyals to the kingdom's economy by 2030.

The project will include four famous landmarks, such as the Opera House, Museum, Sports Stadium and Oceanarium. Its existence is also expected to contribute and pave the way for the local private sector to participate in development that will help shape the operation of promising economic sectors, including tourism, entertainment, culture and sports.

In addition, the city will benefit from the construction and development of modern residential areas. Among them, there are 17,000 residential units and various hotel projects with more than 2,700 hotel rooms, as well as the provision of integrated solutions for the business sector.

The project will also feature a world-class marina and stunning beach resort, as well as restaurants and cafes, as well as a wide range of shopping options.

This master plan reflects the Hijazi essence of the urban structures and blocks that characterize the historic city of Jeddah, in a contemporary interpretation designed to the highest international standards.

Its work also considers applying the latest technology to turn Jeddah into a “smart destination”, creating an easy experience for residents and visitors alike.

The project design is said to have adopted a world-class sustainability program, with the aim of contributing to environmental and economic support, in line with the objectives of the Saudi Green Initiative.

More than 500 expert engineers and consultants participated in the development of this master plan, which represents the top five design houses in the world.

The project contributes to achieving the goals of Vision 2030, which aims to build a prosperous economy and dynamic society, while providing the best possible lifestyle for residents and visitors.

This work is one of the most attractive local investments of the Public Investment Fund, which contributes to diversifying sources of income, advancing the national economy and creating more job opportunities for Saudi citizens.

The project developer, Jeddah Central Development Company, was founded in 2019 by the Public Investment Fund. Its board of directors is chaired by Prince Mohammed bin Salman.

The company will complete the project in three phases, of which the first phase will be completed by the end of 2027. Following this milestone, the Jeddah Center Project will begin welcoming the residents of Jeddah, along with visitors from within and outside the kingdom.