Thursday, 7 March 2024

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INFRASTRUCTURE

Jeddah Central Development breaks ground on megaproject turning city into a global hub

Four main landmarks: An opera, oceanarium, museum and a sports stadium

PIF-owned developer Jeddah Central Development broke ground on its Jeddah Central destination which aims to transform the Kingdom’s second largest city into a global destination, state news agency SPA reported yesterday. The project will include four main landmarks, including an opera, oceanarium, museum and a sports stadium. It is expected to open its doors to visitors in 2027.

What we know: The PIF company signed last month four construction contracts worth SAR 12 bn (c. USD 3.2 bn) for the project. They were signed with several local and global players, including a consortium of China Railway Construction Corporation (CRCC)-Saudi and local Samaa Group, China Harbour Engineering Arabia Co, local firm Modern Building Leaders (MBL) among others.

A world class stadium: The consortium between CRCC-Saudi and Samaa Group will build a world-class 45k-seater stadium that will be home to local and international sports events by Fifa and global standards. It is designed by German architectural company German von Gerkan, Marg and Partners (gmp) which designed several designated stadiums for the Fifa World Cup in Qatar, Russia, Brazil and South Africa.

REMEMBER- Big plans for Jeddah are in the works: The Culture Ministry-backed Jeddah Historic District Program signed a contract last month with the PIF’s Al Balad Development Company to open heritage hotels in Jeddah’s historical district of Al Balad. Upon the restoration of the area, the program will hand over the heritage hotels’ management to Al Balad Development Co’s unit Al Balad Hospitality. The contract is part of a bid to turn the area into a global cultural and tourism attraction.