Jeddah Central Project is being developed on a 5.7-million-sq-m plot of land overlooking the Red Sea.
JCDC acquires plot for Jeddah Central Project
01 April 2022
Jeddah Central Development Company, a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement with the Royal Saudi Air Defense Forces Institute to acquire a prime site for Phase One of its SR75 billion ($20.4 billion) Jeddah Central Project.
The mega project, previously known as New Jeddah Downtown, is being developed on a 5.7-million-sq-m plot of land overlooking the Red Sea.
Launched by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister of Saudi Arabia, in December last year, the masterplan boasts four landmarks – an opera house, museum, sports stadium and oceanarium – which will pave the way for the private sector to participate in the development.
In addition, the city will feature 17,000 residential units and several hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector.
The project’s waterfront will run 9.5 km long and include a promenade, a marina for local and international yachts, and a 2.1 km long beach. Open spaces and public services make up 40 per cent of the project area, with the provision of designated walking areas to create a walkable environment.
JCDC said Phase One spanning a 1.5-million-sq-m area, will include a sports stadium, beach and recreation areas.
“With its tourism, sports, cultural and entertainment offerings, the project will further boost JCDC’s contributions to the Public Investment Fund’s efforts focused on accelerating the diversification and growth of Saudi Arabia’s economy in line with the objectives of Vision 2030,” remarked its CEO Ahmed Al Sulaim after signing the deal with Abdullah bin Hassan Al Rabbaa, Commander of the Royal Saudi Air Defense Forces Institute in Jeddah.
The Jeddah Central Project will be developed in three phases, the first of which will be completed by the end of 2027.
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