Saudi Arabia’s vision for a revitalized Red Sea coast is set to become a reality. With the unveiling of the $5 billion ‘Jeddah Downtown’ project spearheaded by the Public Investment Fund (PIF). This ambitious initiative aims to transform Jeddah’s waterfront corniche into a vibrant urban hub. Marking a significant leap forward in the region’s economic and cultural landscape.
Job Creation on a Grand Scale
Since the project is aptly named “New Jeddah Downtown,” is a testament to the country’s commitment to growth and development. According to PIF, The undertaking is expected to generate a staggering 36,000 new jobs in the city over the next decade. Setting the stage for a unique blend of tourism, residential living, and commercial activity.
The focus is on creating an environment that supports Jeddah’s aspiration to join the ranks of the world’s top 100 cities. Hence the project is designed to offer a diverse range of spaces for entertainment, shopping, and business. It is projected to provide accommodation for 58,000 new residents through the construction of over 12,000 housing units, adding a dynamic dimension to the city’s social fabric.
Vision 2030 Aligned
Scheduled to commence construction in 2019, the first phase of ‘Jeddah Downtown’ is anticipated to open its doors in the final quarter of 2022. The initiative aligns seamlessly with the objectives of Vision 2030. Saudi Arabia’s comprehensive plan for economic and societal transformation. Emphasizing the development of world-class tourism sites and investment opportunities that foster private sector growth.
Spanning a vast 5 million square meters, the project is divided into six main sections. Each contributing to the diverse character of the development. These sections include new homes, museums, cultural and social centers. Business and innovation areas, gardens, amusement parks, sports facilities, hotels, hospitality facilities, retail spaces, and coastal areas are for various seaside activities.
Economic Nexus
Residential spaces will constitute 42 percent of the development, offering a mix of living options for the new residents. Entertainment and retail areas will make up 35 percent, while 12 percent will be dedicated to office space and 11 percent to new hotel and hospitality facilities.
As the project takes shape, it has the potential to position Jeddah as a central trading and economic hub. Connecting the Middle East and Africa. The transformative impact of ‘Jeddah Downtown’ extends beyond its physical boundaries. It embodies a vision of progress, economic prosperity, and a thriving cultural landscape. Stay tuned for more details as this exciting project unfolds at the Future Investment Initiative event in Riyadh next month.
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