Saudi Arabia‘s Public Investment Fund (PIF) has created a new company to develop Al-Balad, Jeddah’s historical district, into a cultural destination.
Al Balad Development Company will work with the private sector and specialists as the main developer of Jeddah‘s historical area.
It will improve the district’s infrastructure, oversee the restoration of historical buildings in Al-Balad, and develop recreational, residential and commercial spaces across an area of 2.5 million square metres.
The plans include 9,300 residential units, 1,800 hotel units and around 1.3 million square meters of commercial and office space.
Al-Balad to become cultural destination
As per a press release from the PIF, the developer will consider environmental sustainability and preserve the heritage of Historic Jeddah, a UNESCO World Heritage site.
The goal is to transform the district into a leading visitor destination for people from across the world. The establishment of the new company is part of the PIF’s strategy to diversify Saudi Arabia’s economy through sectors such as tourism.
In more news, the PIF and Saudi Electricity Company (SEC) have launched another new company to develop electric vehicle (EV) infrastructure in the kingdom.
Saudi launches new EV company
Omar Al-Madhi, co-head of MENA direct investments at PIF, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem.”
Khalid Bin Hamad Al-Gnoon, Saudi Electricity Company CEO, added: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”
Earlier this year, the PIF announced a new tourism investment company called Asfar to support the country’s target of welcoming 100 million domestic and international visitors by 2030.
Image courtesy of UNESCO
