عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Jeddah Central Project Set to Be Prominent Development Project in Kingdom’s Vision 2030

Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
TT
TT

Jeddah Central Project Set to Be Prominent Development Project in Kingdom’s Vision 2030

Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)

Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz launched a development plan for the Jeddah Central Project on Friday. The undertaking sets out to be one of the most prominent development projects of the Kingdom’s national program for transformation, Vision 2030.

It aims to develop the city of Jeddah in support of its ambitions to become one of the top 100 cities in the world.

The project will contribute to developing a vital area suitable for recreation, entertainment, and shopping, transforming the city into a unique destination for various segments of society, including residents and visitors.

The project will be implemented by the Public Investment Fund’s Central Jeddah Development in three phases, the first of which will be completed by the end of the year 2027.

Downtown Jeddah will then begin to receive residents and visitors from inside and outside the Kingdom.

The project aligns with the Kingdom’s Vision 2030, especially developing tourism sites that live up to the highest international standards. It also provides investment opportunities that contribute to the development of the private sector and the tourism, hospitality, and entertainment sector.

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.

The project will feature a world-class marina and stunning beach resorts, as well as restaurants and cafes and diverse shopping options.

The waterfront of the project is 9.5 km long, which includes a promenade, a marina to host local and international yachts, and a 2.1 km long beach. Open spaces and public services make up a significant part of the project area, with the provision of designated walking areas to create a walkable environment.

Most Viewed

 
 
Business

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
TT
TT

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.