Riyadh: Saudi Arabia has launched the master plan for its "Downtown Jeddah" project of 5.7 million square meters and announced the total investment of 19.98 million dollars on the project, Arab News reported.
As per the plan launched by Crown Prince Salman, Downtown Jeddah will house more than ten projects, including an opera house, a museum, a sports stadium, ocean basins and coral farms as entertainment destinations while beach resorts, restaurants, hotels etc., to house tourists.
But, 40 per cent of the total area is earmarked for green open spaces and public services.
The project will be implemented by the Kingdom's Public Investment Fund (PIF) and is going to be funded by domestic and foreign investors along with PIF. The constructions will be carried out in three phases, and the first phase is expected to be finished by 2027 end. There was an effort of more than 500 engineers and related experts behind the creation of the master plan.
Private players are expected to join hands with the administration for partnering in operating these projects. Saudi expects an extra growth of 12.52 billion dollars in value of the Kingdom's economy in 2030 through the project.