The Kingdom’s Public Investment Fund (PIF) will lead the redevelopment of the waterfront corniche, the sovereign fund said on Wednesday. The project will be built over 10 years, and is part of economic reform plans to move Saudi’s dependence on oil exports by expanding industries such as tourism and entertainment. Covering a total area of 5mn sqm, the project will be divided into six main areas. The overall project is divided into six main areas with 42% of residential, 35% retail and entertainment and 12% office spaces.
Construction is due to start in 2019 with Phase 1 likely to open during Q4 2022, the PIF said. PIF is the country’s main sovereign wealth fund and has about $180bn of assets. The funds are being mobilised to support many such projects.
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