Jeddah to see US$90 billion of real estate and infrastructure projects by 2030

The Red Sea port city of Jeddah is set to see US$90 billion of real estate and infrastructure projects developed by 2030, according to analysis carried out by global property consultant, Knight Frank.

Faisal Durrani, Partner – Head of Middle East Research at Knight Frank explained: “As the tentacles of Vision 2030 spread across the Kingdom, we are seeing every corner of the Kingdom transformed. As Saudi Arabia’s ‘second city’ and historic gateway to the Holy Cities of Makkah and Madinah, Jeddah is being revitalised through a dramatic wave of investment that is set to transform the city.

“With some 89,000 new homes, 250,000 square metres of offices and nearly 1.4 million square metres of retail space, the city will be significantly revitalised by the end of the decade.”

According to Knight Frank, nearly US$ 14bn of the total spend is dedicated to new infrastructure, including a new “land bridge” that will involve the construction of 1,500 km of railway lines linking towns and cities between the eastern and western parts of Saudi. A further US$ 7bn has been earmarked for the expansion of Jeddah Islamic Port, where the container capacity will be raised to 20 million, positioning it among the ten busiest ports in the world.

Like elsewhere in the Kingdom, there is a big focus on projects linked to wellbeing, says Knight Frank, as the government works to improve and enhance the habitability and liveability of Saudi cities.

Yazeed Hijazi, Associate Partner, Real Estate Strategy & Consulting KSA, said: “With nearly US$ 3.3 billion earmarked for wellbeing projects, the residents of Jeddah are set to benefit from improvements to the city’s leisure, cultural, education and healthcare facilities.

“While perhaps considered secondary to more grandiose giga-projects elsewhere in the country, improved healthcare and educational facilities in particular help to boost the standard of living and make cities more attractive places to live – and this is something that will help Jeddah cement its position as the Red Sea’s main commercial hub while also making it an even more attractive city to live and work in, reinforcing the Quality of Life Program which forms part of Vision 2030.”