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Saudi Arabia PIF announces major Jeddah development, plans 9,300 homes, 1,800 hotel rooms


Saudi Arabia PIF established Al Balad Development Company to transform Historic Jeddah in 

Saudi Arabia Public Investment Fund (PIF) has announced the establishment of the Al Balad Development Company (BDC) as it looks to transform Jeddah’s historic Al Balad district.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister has set the target to revitalize Historic Jeddah to transform Jeddah into an economic hub, a global cultural and heritage destination, and a leading tourism destination.

Source: Arabian Business