Another big Saudi mega-project on the horizon.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Board of Directors of the Public Investment Fund and Chairman of the Board of Directors of Jeddah Central Development Company, has launched the masterplan and main features of the Jeddah Central Project (previously known as New Jeddah Downtown).
The ambitious SR75 billion ($20 billion) project will come up on a 5.7 million sq m of land overlooking the Red Sea to be financed by the Public Investment Fund and from local and international investors.
The Jeddah Central Project is expected to achieve an estimated added value of SR47 billion for the kingdom's economy by 2030. It will include four notable landmarks (Opera House - Museum - Sports Stadium - Oceanarium) and contribute to opening the way for the local private sector to participate in the development, which will help shape the operation of promising economic sectors including tourism, entertainment, culture, and sports.
In addition, the city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector.Source: http://tradearabia.com/news/CONS_390984.htmlThe company will complete the project in three phases, the first of which is set to be finished by the end of 2027. Following this milestone, the Jeddah Central Project will begin welcoming Jeddah residents, together with visitors from both inside and outside the kingdom