Jeddah Central Development Co. has recently secured four major construction contracts worth USD 3.2 billion in a move to enhance the city’s urban landscape. The project is part of the Kingdom’s efforts to foster cultural enrichment, tourism, and economic diversification and is being led by the Public Investment Fund (PIF).
The Jeddah Central project aims to redefine the city’s prominence as a global destination for leisure and cultural indulgence. It will feature a multifaceted entertainment hub that includes a stadium, an opera house, an oceanarium, and infrastructure development. The project is expected to be completed by 2027.
The CEO of Jeddah Central Development Co., Ahmed Al-Saleem, has emphasized the project’s significance, not only as an economic stimulus but also as a catalyst for societal rejuvenation. The incorporation of landmarks like the Tariq Abdulhakim Center, which celebrates the legacy of Saudi composer Tariq Abdulhakim, highlights the Kingdom’s commitment to nurturing indigenous talent while embracing global cultural exchange.
The strategic location of Jeddah along the Red Sea coast, coupled with proximity to pilgrimage sites like Makkah and Madinah, presents a compelling proposition for investors. The Jeddah Central project is poised to attract a surge in tourism, thereby stimulating economic growth and job creation.
Saudi Arabia’s robust legal framework governing tenders and contracts, which is transparent and investor-friendly, instills confidence among international stakeholders. The recent contracts awarded to a consortium of global players underscore the Kingdom’s commitment to fostering international collaboration and expertise exchange. The Jeddah Central project serves as a blueprint for sustainable development and inclusive growth.
How TME Legal Services Can Support Your Business Regarding Investing in the Kingdom
Besides infrastructure, Saudi Arabia’s business-friendly environment, characterized by regulatory reforms and investment incentives, makes it an attractive destination for foreign businesses. The ease of doing business index, continually improving due to government initiatives, further enhances Saudi Arabia’s appeal as a premier investment destination. Investors should bear in mind to locate the regional headquarters (RHQ) to the Kingdom when entering governmental contracts as a mandatory requirement.
At TME Services, our team of 45 experts is ready to help your business make the most of these opportunities. With over 18 years of experience in the UAE and the Middle East, we specialize in legal, tax, accounting, and compliance matters.
