Jeddah mega-projects on track
City?s 20-year redevelopment scheme presents business opportunities for contractors
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Several infrastructure projects are currently underway or in advanced planning stages in Jeddah as part of a 20-year redevelopment programme being implemented by the Saudi Arabian government. The initiative includes the enhancement of the Khozama and Ruwais areas of the city and the rehabilitation of its central and historic districts.
Many of the new developments are mega-projects such as the SAR 99.8 billion (US $26.6 billion) King Abdullah Economic City and the SAR 42 billion ($11.2 billion) Jeddah Hills.
“Mega-projects in Jeddah will see the city and its infrastructure transformed across the board during the next two decades – creating an enormous range of partnership opportunities,” said Tareq Telmesani, CEO of Jeddah Development and Urban Regeneration Company (JDURC), a private company set up by Jeddah Municipality to spearhead the city’s regeneration projects. Jeddah will account for a large proportion of the Kingdom’s SAR one trillion worth of ongoing property developments.
As KSA’s second largest city in Saudi Arabia, Jeddah is the principal entry point to the holiest Islamic sites. Its infrastructure is being overhauled to better accommodate pilgrims, accelerate business growth and support a population density that is rising at a rate of 20-28% each year, according to JDURC.
“Jeddah will need to build around five million housing units to keep pace with housing demand over the next two decades. The city needs to redirect its infrastructure growth plans to sustain its growth, and this will require new and substantial investments, said Cityscape Jeddah director Deep Marwaha.
More than 100 local and international property investors, developers and service-driven companies are expected to exhibit relevant projects and services endorsed by the Ministry of Commerce and supported by the Jeddah Chamber of Commerce and Industry at Cityscape Jeddah taking place from June 7-9.
