Jeddah plans $1.2 billion projects to improve quality of life

Jeddah Mayor Saleh Al-Turki speaks at the Makkah Region Economic Forum on Tuesday. (Photo/Supplied)

• Key issues in the housing sector were brought to light during a “Housing between Supply and Affordability” panel discussion, moderated by Imad Damrah, managing director of Colliers International

JEDDAH: Jeddah is planning to establish projects worth SR4.6 billion ($1.2 billion) to improve quality of life, Mayor Saleh Al-Turki said on the last day of the Makkah Region Economic Forum.
The new investments will build on projects worth SR2.7 billion currently underway, he added.
New criteria for selection of projects reclassifies contractors based on the principle of efficiency, eliminating those that are not equipped to carry out such projects, Al-Turki said.
“The municipality has put in place several indicators to improve quality of life, and it is important to ensure that projects are set up based on these indicators.”
There are around 60 unplanned neighborhoods, many of which need to be removed to create better living conditions in the city, the mayor said.
“Today, we have about 40 distinguished projects in the accommodation sector along with most of the five-star hotels. Five more projects are being considered. In addition, we also have three tunnels under construction in Jeddah and two tunnels under study,” he added.
Work is underway with the Public Transport Authority to establish parking locations outside the city in five equipped sites, he said.
Housing sector
Key issues in the housing sector were brought to light during a “Housing between Supply and Affordability” panel discussion, moderated by Imad Damrah, managing director of Colliers International.
Panelists included Mohammed Anas Al-Sairafi, CEO at Abnia Consulting Engineers; Majdi Hariri, chairman of Makkiyoon Urban Developers; Nik Moh Ruiz Razy, principal director at Rekarancang Sdn Bhd; Ma’an Al-Kahmous, general manager of retail banking Samba Financial Group; and Nidal Alam, director-general of the Saudi housing ministry’s branch in Makkah.
Al-Sairafi said many buildings in the Makkah governorate were used only during the Hajj season. “This can damage the economy of the city,” he said.
Hospitality sector
A panel discussion on Monday discussed investment trends in commercial development and the local hospitality industry.
Moderated by Mohammed Al-Motawakil, vice president of business development and investment at the Jeddah Development and Urban Regeneration Co., the panel comprised Dr. Faisal Allaf, CEO of Wadi Makkah Technology Co., Talal Yousif, director of HVS Middle East and Africa, and Yaser Al-Sharif, CEO of Jabal Omar Development Co.
The session discussed supply, demand and quality in the hospitality sector in the region, and innovative models in construction and the financial sector that could be applied to it in the future. It also addressed investment opportunities and the role of business entrepreneurs in funding new developments.
The session also explored new approaches to approving and constructing residential and commercial developments, with the objective of identifying schemes that might unlock more private investment and increase the supply of housing and hospitality venues in the near future, as the number of pilgrims visiting the region grows exponentially every year.