The Jeddah Central Development Company (JCDC) has signed an agreement with the Royal Saudi Air Defence Forces Institute to acquire a prime spot for phase one of its $20.4bn (SAR 75bn). The mega project is being developed on a 5.7mn m2 of land overlooking the Red Sea.
JCDC, a wholly-owned subsidiary of the Public Investment Fund (PIF), will develop the project – the Jeddah Central Project – in three phases, the first of which will be completed by the end of 2027. The first phase, measuring 1.5mn m2 will include a sports stadium, each, and recreation areas.
The agreement was signed by Ahmed Al-Sulaim, CEO of JCDC, and Abdullah bin Hassan Al-Rabbaa, Commander of the Royal Saudi Air Defence Forces Institute in Jeddah.
“With its tourism, sports, cultural and entertainment offerings, the project will further 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,” Al Sulaim remarked.
The city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector.
The project will include four notable landmarks (Opera House – Museum – Sports Stadium – Oceanarium) and contribute to opening the way for the local private sector to participate in the development, which will help shape the operation of promising economic sectors including tourism, entertainment, culture, and sports.
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