The Public Investment Fund (PIF) has introduced the Al Balad Development Company (BDC), as announced on Tuesday. This newly established company will take the lead in the revitalization of Jeddah's historic Al Balad district, aligning with the continuous efforts of Crown Prince Mohammed bin Salman bin Abdulaziz to breathe new life into Historic Jeddah. The overarching objective is to transform Jeddah into a hub of economic activity, a globally recognized cultural and heritage destination, and a prominent tourism attraction, all in accordance with the goals outlined in Saudi Vision 2030.
BDC's primary focus will encompass various facets, including the enhancement of the district's infrastructure, oversight of the restoration of historic Al Balad buildings, and the creation of essential service facilities. Additionally, BDC will work on developing residential, commercial, hotel, and office spaces within the district.
The overall development area will cover approximately 2.5 million square meters, with a total built-up area of 3.7 million square meters. This includes plans for 9,300 residential units, 1,800 hotel units, and around 1.3 million square meters of commercial and office space.
BDC is committed to collaborating with the private sector and experts to ensure that the district's infrastructure adheres to the highest standards of urban planning for historic zones. Environmental sustainability and the preservation of Historic Jeddah's unique heritage, designated as a UNESCO World Heritage site, will also be of utmost importance.
In a statement, PIF emphasized that the ultimate goal is to establish Al Balad as a premier tourist destination, stimulating economic growth and providing investment opportunities and commercial options for the residents of Jeddah.
BDC aims to create a comprehensive environment that fosters residential, work, cultural, and recreational development, thereby improving the quality of life and enhancing the overall visitor experience. Al Balad is celebrated for its historical significance as an iconic Red Sea port and its distinctive coral limestone architecture. In 2021, Crown Prince Mohammed bin Salman initiated the "Revitalize Historic Jeddah" initiative as part of the broader "Historic Jeddah Development Project