Saudi Crown Prince launches masterplan for SAR75bn Jeddah Central project

Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the masterplan and main features of the SAR75bn Jeddah Central project.

The project, previously known as New Jeddah Downtown, will develop 5.7 million square metres of land overlooking the Red Sea, a statement said.

It is being financed by Saudi’s sovereign wealth fund, the Public Investment Fund and local and international investors.

It will include four landmarks – an opera House, museum, sports stadium and oceanarium, as well as 17,000 residential units, hotel projects that offer more than 2,700 keys, and ‘integrated solutions’ for the business sector.

The project will also feature a marina and beach resorts, as well as restaurants, cafes and shopping options.

The waterfront will extend 9.5km long with a promenade and a 2.1km long beach. Open spaces and public services will make up 40 per cent of the total project area, with the provision of designated walking areas.

The project’s masterplan also considers the application of new technologies to transform Jeddah into a “smart destination” while sustainability programmes are also expected to be implemented.

The launch of the masterplan and main features comes as part of the kingdom’s efforts to develop “all its regions and cities”, the statement said.

Overall, the Jeddah Central project is expected to achieve an estimated added value of SAR47bn to the kingdom’s economy by 2030.

“The project is one of the most exciting local investments of the Public Investment Fund, which contributes to diversifying sources of income, advancing the national economy and creating more job opportunities for Saudi citizens,” the statement said.

The project’s developer, Jeddah Central Development Company, was established in 2019 by the Public Investment Fund. Its board of directors is headed by Prince Mohammed.

The company will complete the project in three phases, the first of which is set to be finished by the end of 2027.

Currently, the company said it is working with all relevant authorities to ensure the implementation of every stage of the project.