Riyadh, Kingdom of Saudi Arabia, [Today, 11 November 2025]: Al Balad Development Company, a Public Investment Fund (PIF) company and the master developer leading the revitalization of Historic Jeddah (Al Balad), has announced the launch of a $3.6 billion investment portfolio to develop hospitality assets in Historic Jeddah, including the rehabilitation and development of a group of non-historical hospitality properties in the district. The announcement was made during the TOURISE global summit, held in Riyadh from November 11 to 13, 2025. The world’s largest specialised tourism platform, TOURISE invited public- and private-sector leaders to work towards unifying efforts, innovating solutions, and catalysing transformational investments in the tourism sector.
The investment announcement, spanning 2025 to 2038, aims to develop more than 3,300 hotel keys across categories ranging from midscale to luxury, through flexible investment and financing models that include public–private partnerships, investment funds, and joint ventures. The announcement is a strategic step to contribute to the development and revival of historic Jeddah as a global tourism and cultural destination that combines heritage and a sustainable economy.
Mr. Jamil Hassan Ghaznawi, Chief Executive Officer of Al Balad Development Company, said: “This announcement represents a qualitative step in the journey to develop Historic Jeddah, combining leadership in development with empowering the private sector to create sustainable investment opportunities in a unique heritage environment. Through it, we aim to develop a hospitality experience that reflects the authenticity of the place and meets visitors’ aspirations.”
The announcement reflects Al Balad Development Company’s commitment to contributing to the revitalisation of Al Balad and enhancing its economic sustainability, in alignment with the objectives of the Public Investment Fund (PIF) to help realise Saudi Vision 2030 by diversifying the national economy and enabling investment in the tourism, hospitality, and culture sectors.
As a PIF company, Al Balad Development Company is implementing flagship projects that bring new life to Historic Jeddah, transforming it into a thriving economic ecosystem that preserves architectural and cultural identity while investing in a promising future.
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