Riyadh – Sharikat Mubasher: Al Balad Development Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), announced a new $3.6 billion investment portfolio dedicated to developing hospitality assets in historic Jeddah.

Spanning from 2025 to 2038, the initiative aims to deliver over 3,300 hotel keys across a mix of luxury, upscale, midscale, and economy segments, as per a recent press release. The development portfolio reflects Saudi Arabia’s growing focus on tourism and cultural heritage as part of Vision 2030.

The company said the projects will be executed through a range of investment models, including investment funds, public–private partnerships (PPPs), and Build–Operate–Transfer (BOT) contracts, ensuring strong collaboration between the public and private sectors.

Project details include 422 hotel apartment keys, 1,246 midscale keys, 664 upscale keys, 758 upper-upscale keys, and 325 luxury keys, creating a diverse accommodation offering in the heart of historic Jeddah.

The large-scale investment reinforces Al Balad Development’s mission to position Al Balad as a leading cultural and hospitality destination, attracting visitors and investors while preserving the area’s unique heritage.