The Jeddah Central Project, launched by Saudi Crown Prince Mohammed bin Salman on Friday, confirmed that Saudi cities are heading towards rapid and qualitative economic transitions, with the government implementing a number of vital projects that support all promising sectors.
According to specialists, the new giant project will raise the economic value of the western Saudi city, Jeddah, which is home to one of the most significant and largest sea and air ports on the Red Sea.
Spanning over more than 5.7 million square meters, the project will also push the growth of domestic product, expand quality activities, and generate jobs.
Turki Fadaq, a financial analyst, confirmed to Asharq Al-Awsat that the launch of such projects has multiple positive repercussions on the Saudi economy in general.
He noted that the financing of the project will be done by the Public Investment Fund and investors from inside and outside the Kingdom. This means that the government will not bear the brunt of spending on the project.
Fadaq added that the project will lead to the provision of economic and social activities and events that will reflect on the growth of the domestic product for various sectors.
Also, it will support the generation of economies for culture, tourism, sports, and other sectors. This will help improve and develop the urban appearance of Jeddah.
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 — an opera house, a museum, a sports stadium and an 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.
The project will feature a world-class marina and stunning beach resorts, as well as restaurants and cafes, and diverse shopping options.
