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PIF Announces 'Al Balad Development Company' to Develop Jeddah's Historic District

The Public Investment Fund (PIF) announced the establishment of Al Balad Development Company (BDC). (SPA)
The Public Investment Fund (PIF) announced the establishment of Al Balad Development Company (BDC). (SPA)
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PIF Announces 'Al Balad Development Company' to Develop Jeddah's Historic District

The Public Investment Fund (PIF) announced the establishment of Al Balad Development Company (BDC). (SPA)
The Public Investment Fund (PIF) announced the establishment of Al Balad Development Company (BDC). (SPA)

Saudi Arabia's Public Investment Fund (PIF) announced on Tuesday the establishment of Al Balad Development Company (BDC).

The company will become the main developer of Jeddah's historic Al Balad district, in line with the continuous efforts led by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to revitalize Historic Jeddah to transform Jeddah into an economic hub, a global cultural and heritage destination, and a leading tourism destination, inspired by Jeddah's rich history and contributing to the realization of Saudi Vision 2030.

The company will focus on improving the district's infrastructure, overseeing the restoration of historic buildings in Al Balad, and developing service facilities as well as recreational, residential, commercial, hotel and office spaces.

The overall project development area will comprise approximately 2.5 million square meters, with a total built up area of 3.7 million square meters. This includes 9,300 residential units, 1,800 hotel units and around 1.3 million square meters of commercial and office space.

The company will collaborate with the private sector and specialists to develop the area's infrastructure according to the best standards of urban planning for historic areas, taking into account environmental sustainability and preserving the unique heritage of Historic Jeddah: a UNESCO World Heritage site.

The aim is to transform it into a leading tourism destination that attracts visitors from around the world, thus contributing to economic development, with the company also working to offer attractive investment opportunities and quality commercial options for the people of Jeddah.

BDC aims to provide a rich experience to explore the cultural and historic dimensions of the district by providing an integrated environment that attracts residential, work, cultural and recreation development, contributing to quality of life and improving the visitor experience.

Al Balad is recognized for being an iconic Red Sea port, in addition to featuring a unique urban character and distinctive coral limestone architecture. In 2021, Crown Prince Mohammed launched the "Revitalize Historic Jeddah" initiative, as part of "Historic Jeddah Development Project."

The establishment of BDC aligns with PIF's strategy to diversify the Saudi Arabia's economy through developing and enabling strategic sectors, including real estate and tourism, contributing to achieving the aims of Vision 2030.

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Bahrain Inaugurates Bapco Refinery’s Modernization Project

Bahrain’s King Hamad bin Isa Al Khalifa during the inauguration of the Bapco Modernization Project (BMP). Photo: BNA
Bahrain’s King Hamad bin Isa Al Khalifa during the inauguration of the Bapco Modernization Project (BMP). Photo: BNA
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Bahrain Inaugurates Bapco Refinery’s Modernization Project

Bahrain’s King Hamad bin Isa Al Khalifa during the inauguration of the Bapco Modernization Project (BMP). Photo: BNA
Bahrain’s King Hamad bin Isa Al Khalifa during the inauguration of the Bapco Modernization Project (BMP). Photo: BNA

Bahrain’s King Hamad bin Isa Al Khalifa has inaugurated the Bapco Modernization Project (BMP), which stands as the largest strategic undertaking in the Kingdom’s history and a pivotal development in the energy sector. It is expected that production capacity will reach 400,000 barrels per day.

The inauguration took place on Thursday in the presence of Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and on Bahrain’s 53rd National Day celebrations and the Silver Jubilee of the King’s accession.

The King underscored the significance of BMP in fostering national development and sustainability, aligning with Bahrain’s ambition to maximize the value of its natural resources for economic and societal advancement.
"This landmark project reflects our enduring commitment to sustainable growth, utilizing the Kingdom of Bahrain’s natural energy resources to power economic progress and development," he stated.

King Hamad highlighted the BMP’s role in driving the Kingdom’s energy transition strategy, emphasizing the government’s steadfast dedication under the leadership of the Crown Prince and Prime Minister to advancing economic recovery through strategic investments in high-potential sectors.

Group Chief Executive Officer of Bapco Energies Mark Thomas and Dr. Abdulrahman Jawahery, Chief Executive Officer of Bapco Refining, highlighted during a joint press conference held on the sidelines of the inauguration of BMP, that the initiative marks a significant step towards enhancing Bahrain’s production capacity in oil refining.

They noted that the project is expected to substantially support the national economy and increase revenues, representing a strategic step to strengthen Bahrain’s economy by creating new jobs and improving the quality of petroleum products, with a focus on employing Bahrainis in the project.

They also expressed their optimism about the strategic project, which will serve as a foundation for launching new initiatives to enhance Bahrain's position as a leading investment destination. It is expected that production capacity will reach 400,000 barrels per day, representing a 42% increase.

Jawahery highlighted the historical cooperation between Bahrain and Saudi Arabia, commending the partnership between Bapco and Saudi Aramco. "We currently import 220,000 barrels per day of Saudi crude oil, and with the project’s completion, imported quantities will exceed 320,000 barrels per day. This sustainable cooperation spanning more than 70 years serves as a model for Gulf integration," he said.