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Saudi Gazette report
JEDDAH — Jamil Ghaznawi, CEO of Al-Balad Development Company, owned by the Public Investment Fund, revealed that the company aims to provide 1,800 hotel rooms, more than 9,000 housing units, and more than one million square meters of retail and office space in Historic Jeddah through the completion of several projects.
He made the remarks on the sidelines of the World Travel Market, which concluded in London. “The company is the main developer of the Historic Jeddah Area, and its work varies between developing, rebuilding, managing and operating hotel, residential and office buildings and retail markets,” he said.
Ghaznawi said that Tatweer Al-Balad Company is preparing the infrastructure with the aim of attracting local and international investors and operators to its projects in Jeddah. “The company’s responsibilities include the restoration and refurbishing of buildings, designing and development of lands, and the management and operation of assets, including those that will be converted into historic hotels,” he said.
According to Ghaznawi, the development objectives include developing economic activity and providing an atmosphere conducive to work and entertainment. “This contributes to providing jobs and increasing the number of visitors within the Kingdom’s Vision 2030,” he said while noting that Historic Jeddah includes five historical markets, more than 600 historical buildings, and 36 historical mosques.
