JEDDAH: A new company that aims to transform Jeddah and give the "Bride of the Red Sea" a spectacular standing among the world's historic cities was officially launched here yesterday. Jeddah Central District Company (JCDC) was unveiled at a press conference by its chairman Ghassan Al-Sulaiman.
JCDC, materialized after eight years planning, is a consortium of Gulf companies. It consists of 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). The consortium has signed a memorandum of understanding with Jeddah Municipality.
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. "This vital project is a partnership between the public and private sectors," Al-Sulaiman said at the press conference.
"Ground work will start by the beginning of next year and the project will be completed in 25 years." The development integrates commercial, residential and leisure development. It emulates the recent urban developments in Beirut which are a combination of commercial and leisure. The new city center will include a developed 16 km stretch of the Red Sea waterfront, revive historic Old Jeddah and change the city center into a 6sq km zone with public parks, pedestrian walkways and recreation areas, green areas added to the city center and improvement of its lagoons through building a pressurized water flow system based on tidal movement, Al-Sulaiman said. "The improved infrastructure will also significantly reduce traffic congestion and pollution levels."
The plan is to divide the Jeddah city center 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 Jeddah Municipality and the owners and shareholders of the project.
"Through proper planning and integrated environmental upgrading of the area, the historic area will be preserved and developed for coming generations. This will attract economic projects capable of raising living standards and providing job opportunities."
For a better idea of the scope of the project, Al-Suleiman urged the public to visit the "Makkah Mega Projects Development Exhibition," which was opened last Saturday by Custodian of the Two Holy Mosques King Abdullah.
By Hasan Hatrash
© Arab News 2008
