The Public Investment Fund (PIF) announced on 3 October 2023 the establishment of the Al Balad Development Company (BDC), marking a significant milestone in preserving and revitalizing Jeddah’s historic Al Balad district, Wego reports. This initiative reflects the commitment of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz to transform Jeddah into a global cultural and heritage destination, all while advancing Saudi Vision 2030‘s goals.
The BDC is set to spearhead a cultural renaissance in Jeddah’s historic Al Balad district, which is celebrated for its UNESCO World Heritage status, iconic Red Sea port, and distinctive coral limestone architecture. The company’s comprehensive strategy includes infrastructure enhancements, meticulous restoration of historic structures, and the development of dynamic residential, commercial, and recreational spaces.
The grand transformation envisaged by BDC will span an impressive 2.5 million square meters, with a total built-up area of 3.7 million square meters. The project will feature 9,300 residential units, 1,800 hotel units, and approximately 1.3 million square meters of commercial and office space.
In alignment with the highest urban planning standards for historic areas, Al Balad Development Company will collaborate closely with private sector experts, strongly emphasizing environmental sustainability to safeguard the district’s unique heritage.
The ultimate vision is to position Historic Jeddah as a premier global tourism destination, drawing visitors from across the globe and stimulating economic growth. Concurrently, the company will actively create enticing investment opportunities and premium commercial offerings for the local community in Jeddah.
Beyond mere development, BDC aspires to craft a fully immersive experience that invites residents and visitors to explore the district’s rich cultural and historical facets. By seamlessly integrating residential, professional, cultural, and recreational elements, BDC aims to enhance the quality of life for Jeddah’s inhabitants while enriching the overall visitor experience.
The establishment of Al Balad Development Company underscores PIF’s unwavering commitment to diversify Saudi Arabia’s economy by channeling investments into strategic sectors such as real estate and tourism. This ambitious initiative marks a pivotal step towards realizing Saudi Vision 2030’s objectives, positioning Jeddah’s historic district on the global stage as a symbol of culture, heritage, and economic prosperity.