Jeddah development project costs SAR 75 bln, CEO rules out expropriation

Ahmed Al Sulaim, CEO of Jeddah Central Development Co.

Jeddah Central Development Co.’s Chief Executive Officer (CEO) Ahmed Al Sulaim spoke about the key highlights of the Jeddah Development project as well as its deliverables.   

The project cost reached SAR 75 billion, and there will be no ownership expropriation, Al Sulaim said on the sidelines of the Exhibition of Projects of Distinguished Cities during the Reign of the Custodian of the Two Holy Mosques.   

The Downtown Jeddah aims to highlight the cultural identity and authentic architecture of the city. The project features several designs from outside the Kingdom, since Jeddah is the gate to the Two Holy Mosques and is expected to attract more than 30 million visitors a year, in line with Vision 2030.

The project, overlooking the Red Sea, also involves the construction of four landmarks in the heart of Jeddah – a museum, an opera house, a sports stadium and a coral farm – as well as the construction of 10 recreational and tourist areas, at least 17,000 houses for citizens and more than 3,000 hotels and tourism sites.

Downtown Jeddah project will be implemented in a strategic location on an area of 5.7 million square meters in the heart of Jeddah in six stages.