Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a unique tourist, residential and commercial destination, to become the “New Jeddah Downtown.”
The project, which will contribute SAR 18 billion of investment over 10 years as well as 36,000 new jobs, aims to create a distinctive and attractive environment to support Jeddah’s ambition of becoming one of the world’s top 100 cities. The project will include spaces for entertainment, shopping, and commercial activities, which are accessible for both residents and visitors.
The project aims to turn the waterfront area into a thriving downtown that will serve as a tourist destination and a residential and commercial hub with 12,000 housing units as well as shops and attractions, according to Saudi Press Agency.
The project will take place across a 5 million square meter development and will be divided into six main sections, including new houses, museums, and cultural and social centers, areas for business and innovation, gardens, amusement parks and sports facilities, hotels and hospitality facilities, retail spaces, as well as coastal areas for seaside activities and walking routes along the private boat and yacht pier.
The overall project is divided into several areas with 42 percent of the space residential, 35 percent retail and entertainment and 12 percent office. When completed it will cover 5 million square meters and be able to accommodate 58,000 people.
Construction is scheduled to begin in the first quarter of 2019 with the first phase expected to be completed in the fourth quarter of 2022.
SPA said the Jeddah corniche was in line with the kingdom’s Vision 2030 plan to develop tourism sites and part of an aim to make the city among the top 100 globally.