Jeddah, November 8, 2024 – Jamil Hassan Ghaznawi, Chief Executive of Al Balad Development Company, a subsidiary of the Public Investment Fund (PIF), unveiled the company’s ambitious plans to significantly transform Jeddah’s real estate landscape. Speaking at the World Travel Market in London, Ghaznawi announced that Al Balad Development intends to deliver 1,800 hotel rooms, over 9,000 residential units, and more than 1 million square meters of retail and office space across various projects in the city.
Al Balad Development is leading the revitalization of Jeddah's Historic District, with a comprehensive approach encompassing development, reconstruction, management, and operation of diverse property types, including hotels, residential units, offices, and retail spaces. Ghaznawi emphasized that the company’s role as the primary developer of the Historic Jeddah area is pivotal, as it seeks to integrate modern infrastructure with the region’s rich cultural heritage.
The company is focusing on preparing the area’s infrastructure to attract both local and international investors and operators, positioning Jeddah as a major investment hub. This includes the restoration and rehabilitation of historic buildings, land design and development, and asset management. One of the key elements of the development will be the conversion of select properties into heritage hotels, preserving the city’s historic charm while enhancing its modern appeal.
Ghaznawi further highlighted that the development efforts are not solely about expanding the city’s physical footprint, but are also focused on fostering an environment conducive to economic activity, work, and leisure. This, he explained, would lead to significant job creation, stimulate local businesses, and increase the number of visitors to the city. These projects are aligned with the broader goals of Saudi Vision 2030, which seeks to diversify the Kingdom’s economy and position Jeddah as a global cultural and commercial destination.
The Historic Jeddah area, which is home to five traditional markets, over 600 historic buildings, and 36 mosques, will serve as a vibrant hub for the future growth of the city, bridging the gap between its storied past and modern development. The initiatives spearheaded by Al Balad Development are designed to honor this rich heritage while meeting the demands of a growing, dynamic city. Through these transformative projects, Jeddah is set to become a beacon of innovation and cultural preservation, offering new opportunities for residents, visitors, and investors alike.