Riyadh - Mubasher: Saudi Arabia’s Public Investment Fund (PIF) will lead the redevelopment of Jeddah’s waterfront corniche in a project worth around SAR 18 billion ($4.8 billion)
The project will include housing, shops, museums and a marina, the sovereign fund said in a statement on Wednesday, as reported by Reuters.
It will take over 10 years for the project to be completed and it is part of the Saudi economic reform plans that aims at moving Saudi Arabia’s economy beyond dependence on oil exports by expanding industries such as tourism and entertainment.
The waterfront project will have an area of 5 million square meters and will include hotels as well as 12,000 housing units, the statement noted.
Construction work is set to begin in 2019 with the first phase of the project expected to open by the end 2022, PIF indicated.
