The Saudi Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a unique tourist, residential and commercial destination, to become the “New Jeddah Downtown”.

The project, which has been divided into six main sections, includes 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, said a statement from Saudi PIF.

Initial preparation works are currently underway on the giant project which will come up over a 5 million sq m development area, it stated.

In total, residential sector will garner 42 per cent of the new development, while 35 per cent of the space will be set aside for entertainment and retail areas, 12 per cent for office and 11 per cent for new hotel and hospitality facilities, said the Saudi PIF in its report.

Work on the mega project is due to start in 2019 and the first phase is likely to be ready in the final quarter of 2022.

The project will bring in SR18 billion ($4.79 billion) worth of investments over 10 years as well as 36,000 new jobs. It aims to create a distinctive and attractive environment to support Jeddah’s ambition of becoming one of the world’s top 100 cities, said the report.

Saudi PIF pointed out that the project will include spaces for entertainment, shopping, and commercial activities, which are accessible for both residents and visitors. It also aims to deliver over 12,000 housing units to accommodate 58,000 new residents, it stated.

The project is in line with Vision 2030 objectives to develop tourism sites in accordance with the highest international standards and provide investment opportunities that contribute to the development of the private sector, the statement added.-TradeArabia News Service