The Jeddah Central Development Company (JCDC) has signed an agreement with the Royal Saudi Air Defense Forces Institute to acquire a prime site for the first phase of its $20.4 billion Jeddah Central project. Formerly known as New Jeddah City Centre, the project covers an area of 5.7 million square meters and overlooks the Red Sea.

Launched in December last year by His Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister of Saudi Arabia, the masterplan features four landmarks - the Opera House , museums, stadiums and aquariums.

The project is expected to involve the private sector in development, thereby helping to shape the future of promising economic sectors such as tourism, entertainment, culture and sports. The first phase of the three-phase project is expected to be completed by the end of 2027, a statement said. "With its tourism, sports, cultural and entertainment offerings, the project will further contribute to JCDC's contribution to the Public Investment Fund, which is committed to accelerating the diversification and growth of Saudi Arabia's economy in line with the goals of Vision 2030," CEO Ahmed Al Sulaim said after signing the agreement with Abdullah bin Hassan al-Rabah, commander of the Royal Saudi Air Defense Forces Institute in Jeddah.

The statement added that the city will benefit from the construction and development of modern residential areas, including 17,000 residential units and diversified hotel projects offering more than 2,700 hotel rooms, with integrated solutions for the commercial sector. The project's waterfront will be 9.5km long and include a promenade, a marina that can accommodate local and international yachts, and a 2.1km beach. The firm concluded that open space and public services occupy 40% of the project area, with designated pedestrian zones to create a walkable environment.Editor/XingWentao