Saudi PIF unveils SAR 18 bln plan to redevelop Jeddah Corniche

Saudi Arabia's Public Investment Fund (PIF) has announced a plan to redevelop the Jeddah Corniche into a mixed-use project, at an estimated cost of SAR 18 billion over ten years, state-owned Saudi Press Agency said on Wednesday.

Construction is expected to start in Q1 2019 and the first phase is scheduled for launch in Q4 2022.

Under the development plan, the Kingdom’s sovereign wealth fund will turn the waterfront area into a tourist destination, featuring museums, shopping and commercial areas, parks, resorts, innovation central area and beaches.

Residential area will cover 42 percent of project (more than 12,000 units), while offices will cover 12 percent, retail and entertainment 35 percent, and hospitality 11 percent of the total area.

Development of the project, which spans on a total area of over five million square meters, will likely create over 36,000 jobs.

Last week, the fund unveiled a plan to set up an entertainment investment arm, with an initial capitalization of SAR 10 billion.