The Clap
The Public Investment Fund has launched Al Balad Development Co. with the aim of developing the historic area in the coastal city of Jeddah.
What
Al Balad Development Co will work on improving the infrastructure in the area known as “Al-Balad.” They will also undertake the restoration of historical buildings and develop facilities, services, recreational spaces, residential areas, commercial spaces, hotels, and office spaces.
Additionally, they aim to preserve the unique heritage character of the area, which is a UNESCO World Heritage-listed site. This transformation is intended to make it an attractive tourist destination for visitors from around the world.
So What
The significance of the “Al-Balad” area lies in its role as a major port for trade on the Red Sea, alongside its unique urban character and buildings made of coral limestone. In 2021, Saudi Crown Prince Mohammed bin Salman announced a project to revitalize the historic Jeddah as part of the Jeddah Historical Development Program.
Now What
Al Balad Development Co aims to introduce several investment opportunities and distinctive commercial options for the residents of Jeddah. This aligns with the Public Investment Fund’s (PIF) strategy to diversify the local economy by developing and empowering vital sectors, including real estate and tourism, in accordance with the Saudi Vision 2030.
