The Jeddah Central Development Company (JCDC) has inked a deal with the Royal Saudi Air Defense Forces Institute to acquire a prime site for Phase One of its $20.4bn Jeddah Central project. Formerly known as New Jeddah Downtown, the project is being developed on 5.7m sqm of land overlooking the Red Sea.
Launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister of Saudi Arabia in December last year, the masterplan boasts four landmarks – an opera house, museum, sports stadium and oceanarium.
The project is expected to enable the private sector to participate in the development, thus helping shape the future of promising economic sectors including tourism, entertainment, culture, and sports. The first phase of the three phase project is expected to be complete by the end of 2027, said a statement.
“With its tourism, sports, cultural and entertainment offerings, the project will further JCDC’s contributions to the Public Investment Fund’s efforts focused on accelerating the diversification and growth of Saudi Arabia’s economy in line with the objectives of Vision 2030,” said CEO Ahmed Al Sulaim after signing the deal with Abdullah bin Hassan Al Rabbaa, Commander of the Royal Saudi Air Defense Forces Institute in Jeddah.
The city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector, the statement added.
The project’s waterfront will run 9.5km long and include a promenade, a marina to host local and international yachts, and a 2.1km long beach. Open spaces and public services make up 40% of the project area, with the provision of designated walking areas to create a walkable environment, the firm concluded.