Riyadh – Mubasher: The Saudi sovereign wealth fund the Public Investment Fund (PIF) has established Al Balad Development Company (BDC), according to a press release.

In line with the Saudi Vision 2030, the new entity will become the main developer of the Al Balad district to renovate Jeddah and transform it into an economic hub, a global cultural, and heritage destination.

It also backs PIF’s strategy to diversify Saudi Arabia’s economy through boosting strategic sectors, including real estate and tourism.

The company will focus on enhancing the district’s infrastructure, restoring the historic buildings in Al Balad, and developing service facilities.

The overall project development will span nearly 2.5 million square metres (m2), with a total built-up area of 3.70 million m2.  This includes 9,300 residential units, 1,800 hotel units, and around 1.3 million m2 of commercial and office space.

Meanwhile, the company will join forces with the private sector and specialists to develop the area’s infrastructure in accordance with environmental sustainability and the unique heritage of Historic Jeddah.

Al Balad Development aims to explore the cultural and historic dimensions of the district by providing an integrated environment that attracts residential, work, cultural, and recreation development.

Last July, PIF inaugurated the Saudi Tourism Investment Company (Asfar) to foster the Kingdom’s tourism sector.