JEDDAH — The Public Investment Fund (PIF) has introduced the establishment of the Al Balad Development Company (BDC) on Tuesday, marking a significant milestone in the ongoing efforts led by Crown Prince Mohammed Bin Salman to rejuvenate Historic Jeddah. The initiative aims to position Jeddah as a global economic hub, a cultural and heritage destination, and a premier tourism hotspot, aligning with the ambitious goals outlined in Saudi Vision 2030. BDC will take the lead in the comprehensive development of Jeddah's historic Al Balad district. It will focus on upgrading infrastructure, overseeing the restoration of historical buildings, and creating a diverse array of service facilities, recreational spaces, residential areas, commercial zones, hotels, and office spaces. The expansive project covers approximately 2.5 million square meters, boasting a total built-up area of 3.7 million square meters. This includes 9,300 residential units, 1,800 hotel units, and around 1.3 million square meters of commercial and office space. In collaboration with the private sector and specialized professionals, BDC will implement state-of-the-art urban planning standards for historic areas. The endeavor emphasizes environmental sustainability while preserving the unique heritage of Historic Jeddah, a UNESCO World Heritage site. The ultimate goal is to elevate the district into a world-class tourism destination, drawing visitors globally and contributing to economic development. BDC will also offer attractive investment opportunities and quality commercial options to the residents of Jeddah. BDC's mission extends beyond development; it aspires to offer an immersive experience that explores the cultural and historic dimensions of Al Balad. The integrated environment created by BDC aims to attract residential, work, cultural, and recreational development, ultimately enhancing the quality of life and enriching the visitor experience. Al Balad, distinguished by its iconic Red Sea port, unique urban character, and coral limestone architecture, gained prominence with the launch of the "Revitalize Historic Jeddah" initiative by the Crown Prince in 2021, part of the broader "Historic Jeddah Development Project." The establishment of BDC aligns seamlessly with PIF's strategic vision to diversify Saudi Arabia's economy by fostering growth in key sectors, notably real estate and tourism. This move contributes significantly to the overarching goals outlined in Vision 2030.
