As it is known that the Gulf area is considered as one of the main investment areas and many investors prefer to invest in real estate there in particular as one of the safest investment fields ever. So, the Saudi government planned to start an integrated project to develop Jeddah and turn it to a vital investment area in all fields. Also, it is expected to begin the new project (New Jeddah Downtown) in the first quarter of 2019.
According to the announcement of Saudi Public Investment Fund, it is planned to develop the waterfront corniche to turn Jeddah to one of the vital areas touristically, residentially, and commercially. So, the New Jeddah Downtown will be one of the best 100 cities globally.
However, the size of investment in this project will be almost SR18 billion over 10 years. This absolutely will participate in eliminating unemployment via offering almost 36 thousand new job.
It is planned that the project will be over 5 million square meter which will be divided as follows: 42% of the whole area will be for residential units, 12% for entertainment, and 11% for hospitality facilities. However, it is also planned to develop all the districts, streets, commercial centers, and parks.
In a nutshell, if you are thinking about investing in Jeddah, the New Jeddah Downtown is the best.