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Al Balad Development Company

Sovereign Wealth Fund Makkah Province, Saudi Arabia ·Founded 2023

Overview

Al Balad Development Company (BDC) is a Saudi Arabian firm dedicated to revitalizing Jeddah's historic district, Al Balad. Established in October 2023 by the Public Investment Fund (PIF), BDC aims to transform this UNESCO World Heritage site into a global cultural and heritage destination. The company focuses on enhancing infrastructure, restoring historic buildings, and developing residential, commercial, and hospitality spaces to attract visitors and investors. BDC's strategy involves collaborating with the private sector and specialists to ensure sustainable development that preserves the unique heritage of Al Balad. The company's initiatives include the rehabilitation of heritage hospitality assets, with plans to create over 3,300 hotel units across various categories, ranging from luxury to mid-scale accommodations. These projects are set to commence in 2025 and continue through 2038, aligning with Saudi Arabia's Vision 2030 objectives to diversify the economy and promote tourism. Through its comprehensive development plans, Al Balad Development Company seeks to establish Al Balad as a vibrant community and a leading tourism destination, contributing to the economic growth and cultural enrichment of Jeddah and the broader region.

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Frequently asked questions about Al Balad Development Company

What sectors does Al Balad Development Company invest in?

Al Balad Development Company invests in Real Estate, Hospitality and Tourism, and is based in Makkah Province, Saudi Arabia. Al Balad Development Company is listed as a sovereign wealth fund in the ConnectSafely investor database.