Oct 17 2008 |
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Jeddah Central District Company Launched
Jeddah -- A new consortium of Gulf companies -- Urban Development Co. Ltd. of Saudi Arabia (UDC) , Solidere International Limited , Siraj Capital (Saudi Arabia), the Commercial Real Estate Co. (Kuwait) and Venture Capital Bank (Bahrain) -- has been launched.The company named Jeddah Central District Company (JCDC), which was unveiled at a Press conference by its chairman Ghassan Al Sulaiman, will transform Jeddah and give it a spectacular standing among the world's historic cities.
Jeddah Central District Company, a result of eight years planning, has signed a memorandum of understanding with
This project is a partnership between the public and private sectors, Al Sulaiman said
He added that the project aims to raise Jeddah's status as the Gateway to the Two Holy Mosques and radically expand its roles as both regional and global economic hub.
"Ground work will start by the beginning of next year and the project will be completed in 25 years.
The plan is to divide the Jeddah city centre into two main zones, the waterfront area and the historic area.
New development will extend from outside the historic zone and will include lands offered by the
© Khaleej Times 2008
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