Interview with Ahmed A. Al-Sulaim, CEO, Jeddah Central Development Co.

17 Jul Interview with Ahmed A. Al-Sulaim, CEO, Jeddah Central Development Co.

Backed by the Public Investment Fund (PIF), Jeddah Central is one of the biggest leisure and tourism developments in the region, presenting an open canvas for investment in the historic city. Ahmed A. Al-Sulaim, CEO of Jeddah Central Development Company, shares his vision of the incredible development.

With phase one set for completion by 2027, what progress has been made in achieving the main goals of the exciting development?

Jeddah Central Development is a contemporary interpretation inspired directly from the layout and design principles of Jeddah’s UNESCO heritage old town, Al-Balad. A simple and powerful premise of learning from the past appreciating the present and inspiring the future. Jeddah Central stretches along 9.5 kilometers of waterfront in the center of the city, enjoying over 2.1 kilometers of public sandy beaches. It will be home to 17,000 new residential units, 2,700 hotel rooms, innovative office and retail space and a thriving cultural metropolis with an opera house, industrial museum, a FIFA-compliant football stadium and an oceanarium revealing the secrets of the Red Sea. Strong progress has been made with site preparation at its peak and the largest haul of construction contracts Jeddah has seen, to be awarded soon.

What are some of the main targets the development aims to achieve in terms of its scale, size and impact on the localeconomy?

The first phase will be fully open in 2027 and by 2030 Jeddah Central is set to create 25,000 direct and indirect jobs with over $12-billion gross value added to the economy. Jeddah is the second-largest city in Saudi Arabia, with a temperature rarely below 15°Cor above 40°C, making it a welcoming, waterfront haven for leisure visitors and locals. As the gateway to Makkah, Jeddahalready welcomes 12 million Umra and Hajj pilgrims a year, a figure predicted to grow to 30 million, all eager to discover moreand stay a little longer.

With its multicultural influence and coastal location, Jeddah already has a vibrant culture and Jeddah Central is the firstsignificant leisure and tourism destination in the region. We offer investors first mover advantage as Jeddah, we believe, iscurrently under-invested with limited competition.

How is the government creating an enabling policy and incentive environment for real estate investment?

The ongoing transformation of Saudi Arabia under the Vision 2030 plan is unlocking new opportunities at an unprecedentedpace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing avibrant cross-government investment ecosystem, while supporting businesses throughout their investment journey. Vision 2030is creating a thriving economy and the PIF has established nearly 80 firms in significant, strategically important sectors to helpdrive this. The Jeddah Central Development Company plays an important part in that goal by developing a waterfront in the heart of Jeddah in a sustainable manner. We do this through providing an authentic, vibrant cultural destination while placing the health and wellbeing of locals and visitors at the core.

Jeddah Central is set to become a prominent landmark, while the city becomes even more of a leisure destination hubwith increasing airline routes. How do you envision the development shaping the future of the city and positioning it asa prominent tourist destination?

Our uniqueness comes from the local heritage and design of Al-Balad and we know visitors are always drawn globally to thelaneways and cultural discovery that old towns provide. With a design that naturally blends with architecture, flora, fauna, landand sea-scaping, Jeddah Central is set to be the leisure lifestyle destination of the kingdom.

Most global downtowns are based on a conventional grid layout. Jeddah Central’s design is inspired by Al-Balad, so this isnot just about getting from A to B but reflects a cultural and social purpose. The distinct laneways, squares and meeting placesthat locals call sikkas and barahats provide unexpected discovery around each corner, bringing people together, ensuringeveryone is part of a community, not apart from it. This brings a cultural vibrancy and soul to a contemporary developmentrarely seen across other cities and developments, essentially making people feel that they belong to something rich andpowerful.

Innovation and technology are key drivers of urban development. How are you leveraging cutting-edge technologies,smart city solutions and design innovation to create a unique and modern urban experience?

Jeddah Central is a contemporary version of Jeddah’s Old Town—smart and sustainable, driven by latest design, but makinguse of locally sourced materials. Everything is conveniently designed to be within 15 minutes walking distance and being a smart city, access and connectivity will be smooth and seamless. Sustainable materials and operations with shading andcooling ensure optimal energy efficiency towards carbon emissions. A smart tech city, yet fitting into the authentic culturalcommunity.

As the development attracts global attention, what opportunities exist for international investors and what types ofpartnerships are you after?

The development offers investment opportunities across four major asset classes: hospitality, residential, retail and office. Werecently expanded our masterplan to offer: 17,000 homes to all types of investors; 2,700 keys across a luxury beach resort, with 5-, 4- and 3- star and serviced apartments; 405,000 square meters of retail space and food and beverage opportunities acrossmarina, beachfront and streets; and 525,000 square meters of office space with over 60-percent Grade A campus-style offices.

Compared to other developments in the kingdom, why does Jeddah Central represent a great investmentopportunity?

We can summarize our uniqueness through both the heritage inspiration combined with the enviable location at the heart of Jeddah city, with almost five million residents, sitting right on the shores of the pristine Red Sea. When you couple that with PIF’s ownership of our development, you have significant assurances in place. Add the fact that we are the only development inthe world to have the landmarks built together as attractions/anchors, we look forward to welcoming your business to Jeddah Central.

What is your final message to the readers of Newsweek about looking to Saudi Arabia for investments and pursuing growth opportunities in Jeddah?

Now is the time to invest in Saudi Arabia. We are transforming into a global tourism and business hub, moving away from oil and gas to a more diversified economy with PIF as a major catalyst for assured investment.

As an investor you are basically partnering with PIF. Jeddah Central one of the biggest leisure and tourism developments, presenting an open and assured canvas for investment in a major city with limited competition. Jeddah Central, at the heart of the city, is a place with a rich cultural heritage celebrated by a vibrant beachfront community. We very much look forward to welcoming you.