Saudi Arabia’s Public Investment Fund (PIF) has established the Al Balad Development Company (BDC) with the goal of transforming Jeddah’s historic Al Balad district into an economic hub and global cultural and heritage destination. This initiative aligns with Saudi Arabia’s aim to attract 150 million visitors by 2030.
BDC will concentrate on enhancing the district’s infrastructure, overseeing the restoration of historic buildings, and developing various facilities, including residential, commercial, hotel, and office spaces. The project will cover an area of 2.5 million square meters, with a total built-up area of 3.7 million square meters. It includes plans for 9,300 residential units, 1,800 hotel units, and approximately 1.3 million square meters of commercial and office space.
The subsidiary of PIF will collaborate with the private sector and experts to develop the area’s infrastructure while preserving the heritage of Historic Jeddah, a UNESCO World Heritage site. This initiative is part of the “revitalize historic Jeddah” program launched by Crown Prince and Prime Minister Mohammed bin Salman in 2021 as part of the broader Jeddah development project.
In addition to the Al Balad project, PIF’s Saudi Tourism Investment Company, Asfar, has commenced construction on the Gamra mountain resort project in the kingdom’s southwest region, set to open in the first half of 2025. The resort will feature luxury villas and resort rooms, contributing to Saudi Arabia’s growing tourism infrastructure.
