A huge project to turn the waterfront area – known as the Corniche – of Jeddah, Saudi Arabia, into a residential/tourist destination, has been announced.
The country’s Public Investment Fund is to spend SAR18bn (US$4.79bn) on the plan, which will see 12,000 housing units merge with shops and attractions.
There will be a number of areas in the scheme, 42 per cent of which will be residential, 35 per cent retail and entertainment and the rest offices and hotels, covering five million square metres and accommodating 58,000 people.
It will include museums, cultural and social area, activities centre, business and innovation hub, shopping area, gardens, recreational parks and facilities for sporting activities, a hospitality area with hotels and resort, a marina and beach.
Work will start in the first quarter of 2019 with the first phase completed by the end of 2022. The PIF recently launched an SAR10bn entertainment investment company with the objective of bringing back to Saudi some of the estimated $20bn presently spent overseas by Saudis who travel abroad to see shows and visit amusement parks.
