Saudi: Crown Prince launches plan to develop Jeddah Central
Crown Prince Muhammad bin Salman launched on Friday the master plan and main features of the Jeddah Central Project, previously known as New Jeddah Downtown.
The ambitious SR75 billion project will develop 5.7 million square meters of land overlooking the Red Sea to be financed by the Public Investment Fund and from local and international investors.
The Jeddah Central Project is expected to achieve an estimated added value of SR47 billion for the Kingdom’s economy by 2030. It will include four notable landmarks — an opera house, a museum, a sports stadium and an oceanarium — and contribute to opening the way for the local private sector to participate in the development, which will help shape the operation of promising economic sectors including tourism, entertainment, culture and sports.
