Jamil Ghaznawi, CEO of Al-Balad Development Company, recently unveiled the company’s ambitious plans to revitalize Historic Jeddah by providing 1,800 hotel rooms, over 9,000 housing units, and more than one million square meters of retail and office space through various projects. The company, owned by the Public Investment Fund, aims to play a crucial role in the development of the Historic Jeddah Area by engaging in tasks such as developing, rebuilding, managing, and operating hotel, residential, and office buildings as well as retail markets. Tatweer Al-Balad Company, a subsidiary of Al-Balad Development Company, is working on the infrastructure to attract both local and international investors and operators to participate in its projects in Jeddah.
During the World Travel Market held in London, Ghaznawi highlighted the company’s efforts to restore and refurbish buildings, design and develop lands, and manage and operate assets with a focus on transforming some properties into historic hotels. The ultimate goal of these development objectives is to stimulate economic activity, create a favorable environment for work and entertainment, generate employment opportunities, and increase the number of visitors in alignment with the Kingdom’s Vision 2030. Historic Jeddah boasts five historical markets, more than 600 historic buildings, and 36 historical mosques, making it a significant area for preservation and development.
The revitalization of Historic Jeddah is part of the broader vision to enhance the city’s historical and cultural significance, attract tourists, and contribute to the economic growth of the region. By providing a mix of hotel accommodations, housing units, and commercial spaces, Al-Balad Development Company seeks to create a vibrant and dynamic urban environment that honors the heritage of Jeddah while meeting the contemporary needs of residents and visitors. The company’s emphasis on attracting investors and operators from diverse backgrounds reflects a strategic approach to leveraging the potential of Historic Jeddah as a key destination for tourism and business activities.
As the main developer of the Historic Jeddah Area, Al-Balad Development Company is committed to preserving the architectural heritage of the region while introducing modern amenities and services to enhance the overall experience for residents and tourists. By engaging in the restoration and renovation of historical buildings, the company aims to breathe new life into these structures and transform them into viable assets that contribute to the economic growth and cultural enrichment of Jeddah. Through strategic partnerships and collaborations with local and international stakeholders, Al-Balad Development Company is poised to play a significant role in the sustainable development of Historic Jeddah for the benefit of present and future generations.
The completion of the proposed projects in Historic Jeddah will not only add to the city’s architectural landscape and cultural offerings but also create employment opportunities, drive economic growth, and attract visitors from around the world. By investing in the restoration and development of this historic area, Al-Balad Development Company is aligning with the goals of Vision 2030, which seeks to diversify the economy, promote tourism, and enhance the quality of life for Saudi citizens. The company’s commitment to sustainability, innovation, and community engagement underscores its dedication to creating a vibrant and inclusive urban environment that celebrates the rich history and heritage of Historic Jeddah.
