Boosting Jeddah’s Heritage: PIF’s Al Balad Development Co.
The Public Investment Fund (PIF) took a critical first step towards turning the ancient Al Balad neighborhood of Jeddah into a popular tourism destination when it established Al Balad Development Co.
This action is in line with Saudi Arabia’s Vision 2030, a broad effort to diversify the economy and reorient the country away from its reliance on oil.
The mission of Al Balad Development Co. includes improving the region’s infrastructure, preserving historic structures, and creating crucial service facilities. This effort intends to surpass 100 million tourists by 2030, a goal that is essential to Vision 2030. Additionally, it intends to boost the GDP of the Kingdom’s tourism industry to above 10%.
Within the 2.5 million square meter area, it is projected to build 9,300 houses and 1,800 hotel units, highlighting the holistic strategy for promoting tourism.
By placing a strong emphasis on cooperation with the business sector and experts, Al Balad can maintain its unique status as a UNESCO World Heritage point while clinging to the highest urban planning norms and taking environmental sustainability into account.The larger” Historic Jeddah Development Project” and the” Revitalize Historic Jeddah” initiative are essential parts of this transformation process.
The construction of marinas and public services, as well as the development of the waterfront, all contribute to the area’s increased appeal to visitors and locals.
With more than 600 antique buildings, 36 historic mosques, and centuries-old passageways, Al Balad, frequently referred to as the “heart and soul” of Jeddah, is rich in history. Its significance on a global scale is indicated by its nomination for the “Most Desirable City—Rest of World” award.
(The PIF’s significant assets under management and role in economic diversification highlight the importance of this endeavor to the PIF. The emergence of various businesses and the significant increase in employment illustrate the real influence PIF has on Saudi Arabia’s economic environment.
In conclusion, the founding of Al Balad Development Co. by PIF highlights the dedication to maintaining and showcasing Saudi Arabia’s rich legacy to the world, as well as represents a crucial step towards realizing the tourist goals of Vision 2030.
Al Balad will be transformed into a gem in Saudi Arabia’s crown that draws tourists from around the world and makes a significant contribution to the non-oil economy of the country.