HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Board of Directors of the Public Investment Fund and Chairman of the Board of Directors of Jeddah Central Development Company, has launched the masterplan and main features of the Jeddah Central Project (previously known as New Jeddah Downtown).

The ambitious SR75 billion ($20 billion) project will come up on a 5.7-million-sq-m area overlooking the Red Sea to be financed by the Public Investment Fund (PIF) and local and international investors.

The project, to be developed by Jeddah Central Development Company – which was set up by the PIF – envisions the creation of a world-class destination and is expected to achieve an estimated added value of SR47 billion  for the kingdom’s economy by 2030. It will include four notable landmarks  – opera house, museum, sports stadium and oceanarium – and involves the development of modern residential areas, encompassing 17,000 residential units and hotel projects that offer more than 2,700 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.

Jeddah Central Development Company will complete the project in three phases, the first of which is set to be finished by the end of 2027 (see also Real Estate in Gulf Construction’s Digital Edition).