Al Balad Development Company Targets 1,800 Hotel Rooms in Historic Jeddah

The chief executive of Al Balad Development Company, a PIF-owned entity, Jamil Hassan Ghaznawi, announced on Thursday that the company aims to deliver 1,800 hotel rooms, over 9,000 residential units, and over 1 million square meters of retail and office space in Jeddah through various projects.
Ghaznawi stated at the World Travel Market in London that Al Balad Development serves as the primary developer of the Historic Jeddah area, encompassing development, reconstruction, management, and operation of hotel, residential, office, and retail properties.
Ghaznawi highlighted that Al Balad Development is preparing the infrastructure to attract local and international investors and operators for projects in Jeddah.
The company’s responsibilities include the restoration and rehabilitation of buildings, land design and development, and asset management, including converting some properties into heritage hotels.
He added that the development goals aim to stimulate economic activity and create environments conducive to work and leisure, which will support job creation and increase visitor numbers.
This initiative is part of Saudi Vision 2030, as Historic Jeddah hosts five historic markets, over 600 historic buildings, and 36 historic mosques.