The Saudi Public Investment Fund (PIF) has announced that it will lead the re-development of Jeddah’s Corniche, creating a unique tourist, residential and commercial destination to become the 'New Jeddah Downtown.'
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The project, which will contribute SR18 billion ($5 billion) of investment over 10 years as well as create 36,000 new jobs, aims to create a distinctive and attractive environment to support Jeddah’s ambition of becoming one of the world’s top 100 cities.
The project will include spaces for entertainment, shopping, and commercial activities, which are accessible for both residents and visitors.
In total, the project aims to deliver over 12,000 housing units to accommodate 58,000 new residents.
The project will be spread over an area of 5 million square meter and will be divided into six main sections, including new homes, new museums, and cultural and social centers, 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 pavements along the private boat and yacht pier.
In total, residential area will comprise 42 percent of the new development project, with 35 percent dedicated to entertainment and retail areas, 12 percent to office space, and 11 percent to new hotel and hospitality facilities.
Initial preparations are underway, with construction due to start in 2019.
The first phase of the project is anticipated to be launched in the final quarter of 2022.
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.
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