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.



Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
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Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa

Türkiye’s manufacturing sector contracted at the slowest rate in eight months in December, a business survey showed on Thursday, in a sign that the sector is nearing stabilization.

The Purchasing Managers' Index (PMI) rose to 49.1 last month from 48.3 in November, moving nearer to the 50 threshold denoting growth, according to the survey by the Istanbul Chamber of Industry and S&P Global.

“December PMI data provided plenty of hope for the sector in 2025. While business conditions continued to moderate, the latest slowdown was only marginal as signs of improvement were seen in a range of variables across the survey,” said Andrew Harker, Economics Director at S&P Global Market Intelligence, according to Reuters.

The survey highlighted a softer moderation in production, which declined at the slowest pace in nine months, suggesting some improvement in demand.

The rate of slowdown in new orders and purchasing eased, although demand remained subdued.

“If this momentum can be built on at the start of 2025, we could see the sector return to growth. The prospects for the sector should be helped by a much more benign inflationary environment than has been the case in recent years,” Harker said.

Despite the positive signs, employment in the manufacturing sector saw a renewed decline, reversing a rise in November, the survey showed.

Input costs increased sharply due to higher raw material prices, but the rate of output price inflation slowed to its weakest in over five years as some firms offered discounts to boost sales.