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

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
TT
TT

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a press release issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the release, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the release, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The release disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.