Saudi PIF invests heavily in the development of Jeddah's Al Balad historic district
Recently, Saudi Arabia's Public Investment Fund (PIF) announced that it will vigorously develop the Al Balad historic district in Jeddah.
The overall development area of the project is about 2.5 million square meters, with a total construction area of up to 3.7 million square meters.
The aim is to create a comprehensive area that integrates residential, hotel, commercial, and office spaces.
According to the plan, the project will develop 9300 residential units, 1800 hotel units, and approximately 1.3 million square meters of commercial and office space.
This measure will bring huge construction and related business opportunities to the city of Jeddah, promoting the prosperity and development of the local economy.PIF has been committed to promoting Saudi Arabia's economic development and diversified transformation.
The development of the Al Balad historic district in Jeddah not only helps to protect and inherit the region's historical and cultural heritage, but also provides a richer living and tourism experience for local residents and tourists.
As the project progresses, it is expected to attract a large number of construction companies, designers, developers, and related service providers to participate.
This will bring new development opportunities to the Saudi construction industry, while also promoting Jeddah as an important cultural and commercial center in the Middle East region.
In summary, PIF's development plan for the Jeddah Al Balad historic district will strongly promote Saudi Arabia's economic development and urban construction. We look forward to the smooth completion of this project and the bright future it will bring to Saudi Arabia.
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