Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”

Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.”

The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, a business and innovation hub, a shopping area, a garden area, recreational parks with sporting activities, a hospitality area featuring hotels and resorts, and a marina and a beach area.

Work has already begun on redeveloping the north corniche, and the mayor of Jeddah province said in June that the northern part was “80% complete,” but no swimming areas were available and many parts of the corniche still were under heavy construction. Construction is scheduled to begin on the PIF-backed project in the first quarter of 2019 with the first phase expected to be completed in the fourth quarter of 2022, according to the SPA and Ventures Onsite.

The PIF, which is a state investment fund empowered by Vision 2030 and Crown Prince Mohammed bin Salman, has also announced plans to develop other parts of the Red Sea coast for tourism.

The development will include “50 islands and 34,000 square kilometers — an area bigger than Belgium — between the cities of Umluj and Al Wajh to attract ‘luxury travelers from around the globe,’” according to an official statement.