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Al Balad Development Company (BDC; ) is a
hospitality Hospitality is the relationship of a host towards a guest, wherein the host receives the guest with some amount of goodwill and welcome. This includes the reception and entertainment of guests, visitors, or strangers. Louis de Jaucourt, Louis, ...
and tourism company based in
Jeddah Jeddah ( ), alternatively transliterated as Jedda, Jiddah or Jidda ( ; , ), is a List of governorates of Saudi Arabia, governorate and the largest city in Mecca Province, Saudi Arabia, and the country's second largest city after Riyadh, located ...
, Saudi Arabia. The company was founded in October 2023 by the
Public Investment Fund The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...
as part of
Saudi Vision 2030 Saudi Vision 2030 (, sometimes called Project 2030) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi crown pri ...
. BDC aims to transform Al Balad Historic District into a global tourist destination.


History

BDC was officially launched by the
Public Investment Fund The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...
on 3 October 2023 as part of
Saudi Vision 2030 Saudi Vision 2030 (, sometimes called Project 2030) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi crown pri ...
plan to diversify the
Saudi Economy The economy of Saudi Arabia is highly reliant on its petroleum sector. Oil accounts for approximately 30% of Saudi GDP and 55% of government revenue, with substantial fluctuations depending on oil prices each year. The kingdom has the seco ...
away from oil. 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 Ministry of Culture may refer to: * Ministry of Tourism, Cultural Affairs, Youth and Sports (Albania) * Ministry of Culture (Algeria) * Ministry of Culture (Argentina) * Minister for the Arts (Australia) * Ministry of Culture (Azerbaijan)Ministry o ...
, which assigned Al Balad Development Company to manage the hotels.


See also

*
Saudi Vision 2030 Saudi Vision 2030 (, sometimes called Project 2030) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi crown pri ...
*
List of World Heritage Sites in Saudi Arabia UNESCO, The United Nations Educational, Scientific and Cultural Organization (UNESCO) established in 1972 is engaged in the protection and preservation of cultural or natural heritage. There are 8 UNESCO World Heritage Sites in Saudi Arabia inscri ...
* List of Saudi Vision 2030 Projects *
Jeddah Central Development Company Jeddah Central Development Company (JCDC; ) is an urban and real estate development company based in Jeddah, Saudi Arabia. The company was founded in December 2021 by Crown Prince Mohammed bin Salman as part of Saudi Vision 2030. JCDC is owned b ...
*
Soudah Development Company Soudah Development Company (SDC; ) is a real estate development company based in Riyadh, Saudi Arabia. The company was founded in February 2021 by Crown Prince Mohammed bin Salman as part of Saudi Vision 2030. SDC is owned by the Public Investm ...
*
Al-Ula Development Company Al-Ula Development Company (UDC; ) is a Hospitality industry, hospitality and real estate development company based in Al-Ula, Saudi Arabia. The company was founded in January 2023 by the Public Investment Fund as part of Saudi Vision 2030. The ...


References


External links

Official Website (English)
{{Saudi Arabia topics Business organisations based in Saudi Arabia Public Investment Fund