Saudi Arabia’s Public Investment Fund (PIF) has officially announced the establishment of the Al Balad Development Company (BDC), a visionary initiative aimed at revitalising the historic Al Balad district in Jeddah.
Led by Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud, the primary goal of this ambitious project is to transform Historic Jeddah into a vibrant economic hub, a global cultural and heritage attraction, and a premier tourist destination. This endeavor finds its roots in the rich history of Jeddah and is firmly aligned with the objectives set forth in Saudi Vision 2030.
The Al Balad Development Company will play a pivotal role in enhancing the district’s infrastructure, overseeing the meticulous restoration of its historic edifices, and facilitating the development of an array of service facilities. These developments will encompass residential units, hotels, commercial spaces, offices, and recreational areas, among others, covering an extensive project area of approximately 2.5 million square metres, with a total built-up area of 3.7 million square metres.
The project includes 9,300 residential units, 1,800 hotel units, and approximately 1.3 million square metres of commercial and office space.
In its pursuit of urban planning excellence and environmental sustainability, the company will collaborate closely with the private sector and specialists. The aim is to adhere to the highest standards of urban planning for historic districts while preserving the distinctive heritage of Historic Jeddah, a UNESCO World Heritage site.
The overarching objective is to elevate Historic Jeddah into a premier global tourism destination, drawing visitors from around the world. Simultaneously, the project will contribute significantly to economic development, offering enticing investment prospects and premium commercial options for the residents of Jeddah.
The Al Balad Development Company aspires to create an immersive cultural and historic experience within the district. It envisions an integrated environment that seamlessly blends residential, work, cultural, and recreational elements, ultimately enhancing the quality of life and visitor experience.
Historic Jeddah boasts a unique identity as an iconic Red Sea port, distinguished by its exceptional urban character and iconic coral limestone architecture.
The “Revitalize Historic Jeddah” initiative was launched by the Crown Prince in 2021 as part of the broader “Historic Jeddah Development Project.” The establishment of the Al Balad Development Company perfectly aligns with PIF’s strategic vision to diversify Saudi Arabia’s economy through the development of key sectors, including real estate and tourism, thus contributing significantly to the realization of the goals outlined in Vision 2030.
