Saudi Fund to Develop Jeddah Downtown With $4.8 Billion Project
- Red Sea waterfront project expected to create 36,000 new jobs
- Construction to start in 2019, first phase to open end 2022
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Saudi Arabia’s sovereign wealth fund will spearhead an 18 billion-riyal ($4.8 billion) project to redevelop the Jeddah waterfront on the Red Sea as part of a plan to transform the kingdom’s economy and reduce its reliance on oil.
The New Jeddah Downtown residential and commercial project will be developed across 5 million square meters and is expected to create 36,000 new jobs, the Public Investment Fund said in a statement. Construction is due to start in 2019, with the delivery of first phase expected in the final quarter of 2022.