PIF announces creation of Al Balad Development Company (BDC)
Riyadh, October 03, 2023, The Public Investment Fund (PIF) has unveiled its latest initiative by announcing the establishment of the Al Balad Development Company (BDC). This strategic move is aligned with the ongoing efforts led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, aimed at rejuvenating the historic Al Balad district in Jeddah.
The primary objective of BDC is to spearhead the comprehensive development of Al Balad, in harmony with Saudi Vision 2030's vision of transforming Jeddah into a thriving economic center, a globally recognized cultural and heritage destination, and a premier tourism hotspot. This ambitious endeavor draws inspiration from the rich historical legacy of Jeddah and seeks to position it as a significant contributor to the nation's vision.
BDC's mission encompasses a wide range of tasks, including upgrading the district's infrastructure, overseeing the restoration of its historic edifices, and developing essential amenities, as well as creating residential, commercial, hotel, and office spaces. The entire development project will cover an extensive area of approximately 2.5 million square meters, with a total built-up area of 3.7 million square meters. This comprehensive plan encompasses 9,300 residential units, 1,800 hotel accommodations, and roughly 1.3 million square meters of commercial and office spaces.
To ensure the success of this transformative initiative, BDC will collaborate with private sector entities and experts, adhering to the highest standards of urban planning for historic districts. The project places a strong emphasis on environmental sustainability while preserving the distinctive heritage of Historic Jeddah, a UNESCO World Heritage site. The ultimate goal is to position it as a premier global tourism destination, drawing visitors from across the globe and thereby contributing significantly to economic development. Additionally, BDC is dedicated to offering attractive investment opportunities and high-quality commercial options for the local population of Jeddah.
In its vision, BDC aims to create an immersive experience that allows visitors to explore the cultural and historical dimensions of the district. It envisions a fully integrated environment that promotes residential living, work, cultural activities, and recreation, ultimately enhancing the quality of life and elevating the overall visitor experience. Al Balad is renowned for its iconic Red Sea port and features a unique urban character characterized by distinctive coral limestone architecture. In 2021, HRH Crown Prince initiated the "Revitalize Historic Jeddah" initiative, which is a crucial component of the broader "Historic Jeddah Development Project."
The establishment of BDC aligns seamlessly with PIF's overarching strategy of diversifying Saudi Arabia's economy by fostering the growth of strategic sectors, notably real estate and tourism. This significant step forward plays a pivotal role in advancing the objectives of Vision 2030 and underscores Saudi Arabia's commitment to unlocking its full potential on the global stage.