Al Balad Development Company

Al Balad Development Company

Native name	شركة تطوير البلد
Company type	Privately held company
Industry	Hospitality Tourism
Founded	3 October 2023; 15 months ago (2023-10-03)[1]
Founder	Public Investment Fund
Headquarters	Jeddah , Saudi Arabia
Key people	Badr bin Abdullah (Chairman) Hamed Fayez (Vice-Chairman) Jamil Ghaznawi (CEO) [2]
Owner	Public Investment Fund
Subsidiaries	Al Balad Hospitality
Website	balad.com.sa/en/

Al Balad Development Company (BDC; Arabic: شركة تطوير البلد) is a hospitality and tourism company based in Jeddah, Saudi Arabia. The company was founded in October 2023 by the Public Investment Fund as part of Saudi Vision 2030. BDC aims to transform Al Balad Historic District into a global tourist destination.[3]

History

BDC was officially launched by the Public Investment Fund on 3 October 2023 as part of Saudi Vision 2030 plan to diversify the Saudi Economy away from oil.[4]

Jokhdar Historic House, 2024

In May 2024, Jeddah Historic District Program announced the restoration of 3 historical houses, which are the Jokhdar House, Al-Rayyis House, and Kedwan House, and turning them into luxury hotels. The restoration was supervised by the ministry of culture, which assigned Al Balad Development Company to manage the hotels.[5]

See also

• Saudi Vision 2030
• List of World Heritage Sites in Saudi Arabia
• List of Saudi Vision 2030 Projects
• Jeddah Central Development Company
• Soudah Development Company
• Al-Ula Development Company

References

1. "PIF Announces 'Al Balad Development Company' to Develop Jeddah's Historic District and Transform it into Global Cultural and Heritage Destination". Saudi press Agency. 3 October 2023. Retrieved 16 March 2024.
2. "About AlBalad Development Company". balad.com.sa. Al Balad Development Company. 3 October 2023. Retrieved 16 March 2024.
3. "PIF creates Al Balad Development Co. to boost historic Jeddah area". Arab News. 3 October 2023. Retrieved 16 March 2024.
4. Singh, Sunil (3 October 2023). "Saudi Arabia's PIF launches new company to develop Jeddah's historic district". The National News. Retrieved 16 March 2024.
5. Nath, Kanchan (7 March 2024). "Jeddah Historic District, 'Al Balad' launches first three heritage hotels with UNESCO World Heritage Status". Brand TD. Retrieved 16 March 2024.

External links

Official Website (English)