Jeddah Central Project to Boost GDP Growth, Expand Quality Activities

Jeddah Central Project to Boost GDP Growth, Expand Quality Activities

The Jeddah Central Project, launched by Saudi Crown Prince Mohammed bin Salman on Friday, confirmed that Saudi cities are heading towards rapid and qualitative economic transitions, with the government implementing a number of vital projects that support all promising sectors.

According to specialists, the new giant project will raise the economic value of the western Saudi city, Jeddah, which is home to one of the most significant and largest sea and air ports on the Red Sea.

Spanning over more than 5.7 million square meters, the project will also push the growth of domestic product, expand quality activities, and generate jobs.

Turki Fadaq, a financial analyst, confirmed to Asharq Al-Awsat that the launch of such projects has multiple positive repercussions on the Saudi economy in general.

He noted that the financing of the project will be done by the Public Investment Fund and investors from inside and outside the Kingdom. This means that the government will not bear the brunt of spending on the project.

Fadaq added that the project will lead to the provision of economic and social activities and events that will reflect on the growth of the domestic product for various sectors.

Also, it will support the generation of economies for culture, tourism,