PIF's Central Jeddah Development to be built in three phases, first of which will be completed by end of 2027 The "Downtown Jeddah" project aims to add SR47 billion to the Kingdom's economy by 2030 RIYADH: Crown Prince Mohammed bin Salman has launched the master development Downtown Jeddah project, formerly known as “New Jeddah Downtown”, to develop 5.7 million square meters with a total investment of SR75 billion ($19.98 billion). The project will be implemented by the Public Investment Fund’s Central Jeddah Development in three phases, the first of which will be completed by the end of the year 2027. Downtown Jeddah will then begin to receive residents and visitors from inside and outside the Kingdom. It will be financed by the PIF and investors from inside and outside the Kingdom, Saudi Press Agency reported. The developing company is currently working with all relevant authorities to ensure the implementation of all phases according to the approved time plan.