PRESSR: The Public Investment Fund announces the establishment of the “Balad Development Company” to develop the historic Jeddah area and transform it into a global cultural and heritage destination.

First published: 03-Oct-2023 18:49:21

The company will work in cooperation with the private sector and specialized agencies to develop the area according to the best urban planning standards, taking into account environmental sustainability and preserving the unique heritage character.

The establishment of the company comes in line with the Public Investment Fund’s strategy to develop and empower the real estate and tourism sectors to contribute to achieving the goals of the Kingdom’s Vision 2030.

Riyadh: The Public Investment Fund announced today the establishment of “Al-Balad Development Company”, the main developer of the historic Jeddah area “Al-Balad”. The establishment of the company comes within the framework of the continuing efforts led by His Highness the Crown Prince - may God protect him - to develop and develop the historical area of the city of Jeddah, to make it an economic center and a destination. A global cultural and heritage center based on Jeddah’s ancient heritage and rich culture, making the city of Jeddah a global tourist destination in accordance with the goals of the Kingdom’s Vision 2030.

The company will focus its work on improving the infrastructure of the region, supervising the restoration of historical buildings in the Al-Balad area, and developing service facilities and entertainment, residential, commercial, hotel and office spaces. The total area of the project is about 2.5 million square meters, while the total construction area is 3.7 million square meters, which includes Approximately 9,300 residential units and 1,800 hotel units, in addition to approximately 1.3 million square meters of commercial and office space.

The company will work in cooperation with the private sector and specialized agencies to develop the infrastructure of the area, according to the best urban planning standards for historical areas, taking into account environmental sustainability and preserving the unique heritage character of the “Historic Jeddah” area, which is one of the sites registered on the UNESCO World Heritage List, with the aim of transforming it into a It is an attractive tourist destination for visitors from all over the world, which contributes to economic development, as the company will work to offer many investment opportunities and distinguished commercial options attractive to the residents of Jeddah.

Al-Balad Development Company aims to provide a rich experience to explore the cultural and historical dimension of the region, by providing an integrated environment that is attractive for living, working, and cultural and recreational activities, which contributes to enhancing the quality of life for the region and improving the quality of visitors’ experience, as the Al-Balad region gains its importance in being a major port for trade on... The Red Sea, in addition to its unique urban character and buildings made of coral limestone. In 2021, His Highness the Crown Prince - may God protect him - launched the Historic Jeddah Revival Project within the Historic Jeddah Development Programme.

The establishment of the Balad Development Company comes in line with the Public Investment Fund’s strategy to diversify the local economy by developing and empowering vital sectors such as the real estate and tourism sectors, in line with achieving the goals of the Kingdom’s Vision 2030.

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About the Public Investment Fund:

The Public Investment Fund is one of the largest and most influential sovereign wealth funds in the world, and its Board of Directors is chaired by His Royal Highness the Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund - may God protect him. Since the year In 2015, the Board of Directors of the Public Investment Fund was reconstituted and linked to the Council of Economic and Development Affairs. The Fund also plays a pioneering role in advancing the transformation and diversification of the Saudi economy, in addition to its contribution to shaping the features of the future of the global economy. The Fund has established more than 89 companies since 2017. It works The Fund aims to build a diversified portfolio by entering into attractive, long-term investment opportunities in 13 strategic sectors at the local and international levels. The Fund’s strategy aims, according to the Public Investment Fund Program 2021-2025 - one of the programs to achieve the Kingdom’s Vision 2030; To empower many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to pumping no less than 150 billion riyals annually into the local economy. It also works to transfer technologies and localize knowledge. To build a prosperous and sustainable economy in the Kingdom, and as the investment arm of the Kingdom; The Fund worked to enter into distinguished investments and build strategic alliances and partnerships with many prestigious international institutions and entities. Which contributes to achieving real, long-term value for the Kingdom that is consistent with the goals of Vision 2030. The Public Investment Fund has also created an operational governance model that highlights its mission and the main objectives assigned to it, which are in line with the best global practices followed, as the application of this model enhances the level of transparency and effectiveness in decision-making and progress. In the future.

For more information about the fund, please visit:

www.pif.gov.sa

Media contact:

media@pif.gov.sa

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