The PIF has announced the creation of a new company called Al Balad Development Co. This exciting project aims to transform the historic district of Al Balad in Jeddah into a Global Tourist Destination whilst preserving historical buildings and improving infrastructure with 1,800 new hotel units over an area of 2.5 million sq meters.
Preserving Cultural Heritage
The Al Balad district, steeped in history and culture, is a precious gem in Saudi Arabia’s heritage. Recognizing its unique value, the PIF, through the Al Balad Development Co, aims to preserve and enhance the district’s historic charm while introducing modern amenities and attractions.
This balance between preservation and development is a key aspect of the project, ensuring that the historic integrity of Al Balad remains intact.
One of the primary objectives of the Al Balad Development Co project is the significant upgrade of the district’s infrastructure. This includes the restoration of historic buildings, the development of service facilities, and the creation of recreational spaces. The project also encompasses the development of residential areas, commercial zones, hotels, and office spaces.
Introducing New Hotel Units
The Al Balad Development Co project envisages the establishment of 1,800 new hotel units. These units, designed to cater to a diverse range of tourist needs and preferences, will be an integral part of transforming Al Balad into a premier tourist destination.
Global Tourist Destination
The overarching goal of the Al Balad Development Co project is to elevate Al Balad into a world-class tourist destination. With its rich cultural heritage and planned modern amenities, the district is well-positioned to attract tourists from around the globe. This aligns with the objectives of Saudi Vision 2030, which aims to boost tourism and stimulate economic growth.
Boosting Economic Growth
The Al Balad Development Co project is expected to contribute significantly to economic growth. By attracting tourists and stimulating local economies, the project aligns with the objectives of Vision 2030 to diversify Saudi Arabia’s economy and increase its resilience.
Working with the Private Sector and Specialists
The Al Balad Development Co plans to collaborate with the private sector and specialized professionals to implement state-of-the-art urban planning standards for historic areas. This collaboration is crucial to achieving the project’s environmental sustainability goals and preserving the unique heritage of Historic Jeddah.
Al Balad Development Company (BDC), #aPIFcompany, will transform Jeddah into an economic hub, a global cultural and heritage destination, and a leading tourism destination, inspired by Jeddah’s rich history and contributing to #SaudiVision2030. pic.twitter.com/K5eWGCVeSg— Public Investment Fund (@PIF_en) October 3, 2023
Offering Attractive Investment Opportunities
In addition to developing infrastructure and boosting tourism, the Al Balad Development Co project will offer attractive investment opportunities to the residents of Jeddah. This will further stimulate economic growth and facilitate the realization of Vision 2030.
Enhancing Quality of Life
The Al Balad Development Co project aims not only to develop infrastructure and boost tourism but also to enhance the quality of life for residents of Al Balad. By creating an integrated environment that attracts residential, work, cultural, and recreational development, the project aims to contribute to improving the overall living experience in the district.
Aligning with Vision 2030
The establishment of Al Balad Development Co aligns seamlessly with the strategic vision of the PIF to diversify Saudi Arabia’s economy by fostering growth in key sectors, including real estate and tourism. This move contributes significantly to the overarching goals outlined in Vision 2030.
A New Era for Al Balad
The Al Balad Development Co project marks a new era for Al Balad, transforming it from a historic district into a global tourist destination. This transformation, while preserving the district’s unique cultural heritage, will significantly boost tourism and stimulate economic growth.
The Al Balad Development Co. project is a visionary initiative that promises to catapult the historic Al Balad district into the spotlight as a global tourist destination.
By balancing preservation and development, the project aims to enhance the district’s unique cultural heritage while introducing modern amenities and attractions. The project aligns with the objectives of Saudi Vision 2030 and is expected to significantly boost tourism and stimulate economic growth.