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Jeddah Central signs SAR12bn contract to develop architectural landmarks

Jeddah Central signs SAR12bn contract to develop architectural landmarks

The Jeddah Central Development Company is a Public Investment Fund (PIF)-owned developer, mandated with redeveloping Saudi Arabia’s historic city

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Jeddah, Saudi Arabia

The Jeddah Central Development Company signed four construction contracts worth SAR12bn for three major architectural landmarks, including the Stadium, the Opera House and the Oceanarium, in addition to the infrastructure construction work for the first phase of the Jeddah Central destination, reported Saudi Press Agency (SPA).

The CEO of the Jeddah Central Development Company, Ahmed bin Abdulaziz Al-Saleem, said during a ceremony held on Tuesday, that the construction work for the main architectural landmarks and infrastructure for the first phase will begin according to a timeline to accomplish the projects in accordance with the best international practices.

The Jeddah Central Development Company will open the Jeddah Central destination to receive visitors at the end of 2027.

The destination will include several diverse architectural landmarks, in addition to a number of facilities, including a sandy beach, a pier, a seafront promenade, and a marina.

The Jeddah Central Development Company is a Public Investment Fund (PIF)-owned developer, mandated with redeveloping Saudi Arabia’s historic city.

Jeddah redevelopment plan

The PIF also established Al Balad Development Company (BDC) in October 2023 to develop Al Balad district in Jeddah.

The newly established firm’s focus is on improving the district’s infrastructure, overseeing the restoration of historic buildings in Al Balad, and developing service facilities as well as recreational, residential, commercial, hotel and office spaces.

The overall project development area will comprise approximately 2.5 million square metres, with a total built up area of 3.7 million square metres.

This includes 9,300 residential units, 1,800 hotel units and around 1.3 million square metres of commercial and office space.

Jeddah Tower

The district also saw the resumption of work at the site of Jeddah Tower, planned as the world’s tallest tower. The Jeddah Economic Company (JEC) resumed construction on the Jeddah Tower in September last year, according to media reports.

The architectural design is overseen by the US-based firm Adrian Smith and Gordon Gill, while Lebanon’s Dar al-Handasah (Shair & Partners) serves as the engineering consultant.

JEC’s ownership structure consists of Kingdom Holding Company with a 40 per cent stake, Bakhsh Group holding another 40 per cent, and Sharbatly Group having a 20 per cent share.

Marafy

Roshn Group and the PIF jointly launched Marafy, a modern mixed-use development poised to redefine urban living in the north of Jeddah. The development was announced in August 2023.

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