The Saudi Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront Corniche to become the “New Jeddah Downtown”.
Set to become a tourist, residential and commercial destination, the project covers an area of over 5 million square meters. Moreover, it will be divided into six main sections which will include new homes; new museums, and cultural and social centre; areas for business and innovation; gardens, amusement parks and sports facilities; hotels and hospitality facilities; retail spaces; as well as coastal areas for seaside activities, and walking routes along the private boat and yacht pier
Residential units will comprise 42% of “New Jeddah Downtown”, while 35% will be dedicated to entertainment and retail areas, 12% to office space, and 11% to new hotel and hospitality facilities. The entertainment, shopping, and commercial activities will be open to both residents and visitors.
In total, “New Jeddah Downtown” aims to deliver more than 12,000 housing units to accommodate 58,000 residents. Furthermore, it will bring SR18 billion ($4.79 billion) worth of investments over 10 years.
Currently, initial preparation works are underway. While construction is set to begin in 2019, Phase One of the project is expected to be ready during the fourth quarter of 2022.