Bashar Jabban tells us Crown Prince Mohammed bin Salman has launched the master development Downtown Jeddah project, formerly known as “New Jeddah Downtown”,  to develop 5.7 million square meters with a total investment of SR75 billion ($19.98 billion).

The project will be implemented in three phases the first of which will be completed by the end of the year 2027.

The project will include four major international landmarks, namely; an opera house, a museum, a sports stadium, and ocean basins and coral farms.

There will also be more than 10 entertainment and tourism projects.

The operational works of the project will pave the way for the local private sector to participate in the development and operation of promising economic sectors, like tourism, sports, cultural and entertainment, with international standards.

The project will also include a world-class marina and beach resorts, in addition to a wide range of luxury local and international hotels, restaurants and cafes, and various options for shopping.

Downtown Jeddah also aims to provide integrated solutions for the business sector.

There is no doubt that this ambitious project is a business opportunity for both local and international companies.