Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched the master plan and main features of the SR75 billion (US$20 billion) Jeddah Central Project, previously known as New Jeddah Downtown.

According to the Saudi Press Agency, the ambitious project will be built on 5.7 million square meters of land overlooking the Red Sea and will be financed by the Public Investment Fund alongside local and international investors and the project is expected to achieve an estimated added value of 47 billion riyals for the Kingdom's economy by 2030. 

The project will also feature a marina and beach resorts, restaurants and cafes and retail offerings thanks to 9.5km long waterfront and a 2.1km long beach. Open spaces and public services make up 40 percent of the project area, with the provision of stated walking areas.