PROJECTS: Saudi’s JCDC awards development contract for first phase of $20bln Jeddah Central project
- Date: 23-May-2022
- Source: Zawya
- Sector:Real Estate
- Country:Saudi Arabia
PROJECTS: Saudi’s JCDC awards development contract for first phase of $20bln Jeddah Central project
Saudi Arabia's Jeddah Central Development Company (JCDC), a wholly-owned company of Public Investment Fund (PIF) has signed a development contract with Modern Building Leaders (MBL) for its 75 billion Saudi riyal ($20.4 billion) Jeddah Central Project.
The mega project, previously known as New Jeddah Downtown, is being developed on a 5.7 million square metre (sqm) of land overlooking the Red Sea.
The contract marks the beginning of the project’s first phase between Al-Salam Royal Palace and water desalination plant, JCDC said in a press statement.
Contract terms include:
- Demolition of nearly 400 buildings within the city’s existing infrastructure.
- Redirection of water, electric, and waste management infrastructure services across 6.5 km.
- Dredging works, marine drilling, and backfilling using the same drilled materials (estimated to amount to 4 million cubic metres).
- Soil testing, and construction site preparation across a 1.5-sqm area.
- 2.5 km of sea berths and yacht marinas, floating berths within the marina and 1.5 km of waterfront berths.
- Outfitting city’s public and private beaches with modern new facilities.
The statement said the project, consisting of three phases, aims to develop a global destination in the heart of Jeddah while maintaining and enhancing the city’s coastal and marine sites, including a 9.5-km shoreline, 2.1 km