The project is set to contribute to Saudi Vision 2030. Credit: Vadim_N via Shutterstock.

Saudi Arabia’s Public Investment Fund (PIF) has launched the Al Balad Development Company (BDC) to develop the historic Al Balad district in Jeddah, Saudi Arabia.

BDC will serve as the lead developer of the project, which aims to transform the city into an economic centre, a cultural and heritage attraction and a major tourism destination.

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It will contribute to the realisation of the country’s Saudi Vision 2030.

The newly established company will be responsible for enhancing the district’s infrastructure and overseeing renovation works on its old structures.

The project’s development area will span 2.5 million square metres, with a total built-up area of 3.7 million square metres and 1.3 million square metres of commercial and office space.

BDC intends to deliver a “rich experience” for visitors to discover the district’s cultural and historic features by creating an integrated environment that draws on residential, cultural, and recreational development.

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It will team up with the private sector and specialists to build the area’s infrastructure, following the best urban planning standards while also considering environmental sustainability and preserving Historic Jeddah’s unique heritage.

BDC is also seeking to provide investment and commercial opportunities for the residents of Jeddah.