Al Balad Development Company
{{Short description|Company based in Saudi Arabia}}
{{Use dmy dates|date=January 2023}}
{{Infobox company
| name = Al Balad Development Company
| logo = 250px
| native_name = شركة تطوير البلد
| type = Privately held company
| native_name_lang = ar
| industry = Hospitality
Tourism
| foundation = {{Start date and age|df=yes|2023|10|03}}{{cite news |author= |date=2023-10-03 |title=PIF Announces 'Al Balad Development Company' to Develop Jeddah's Historic District and Transform it into Global Cultural and Heritage Destination
|url=https://www.spa.gov.sa/en/baa7aed170l |work=Saudi press Agency |location= |access-date=2024-03-16}}
| location_city = Jeddah
| founder = Public Investment Fund
| location_country = Saudi Arabia
| key_people = {{ubl|Badr bin Abdullah (Chairman)|Hamed Fayez (Vice-Chairman)|Jamil Ghaznawi (CEO)}}{{cite web |url=https://balad.com.sa/en/aboutus.html |title=About AlBalad Development Company |author= |date=2023-10-03 |website=balad.com.sa|publisher=Al Balad Development Company |access-date=2024-03-16 |quote=}}
| owner = Public Investment Fund
| subsid = Al Balad Hospitality
| homepage = {{URL|https://balad.com.sa/en/}}
}}
Al Balad Development Company (BDC; {{Langx|ar|شركة تطوير البلد}}) is a hospitality and tourism company based in Jeddah, Saudi Arabia. The company was founded in October 2023 by the Public Investment Fund as part of Saudi Vision 2030. BDC aims to transform Al Balad Historic District into a global tourist destination.{{cite news |author= |date=2023-10-03 |title=PIF creates Al Balad Development Co. to boost historic Jeddah area |url=https://www.arabnews.com/node/2384771/business-economy |work=Arab News |location= |access-date=2024-03-16}}
History
BDC was officially launched by the Public Investment Fund on 3 October 2023 as part of Saudi Vision 2030 plan to diversify the Saudi Economy away from oil.{{cite news |last=Singh |first=Sunil |date=2023-10-03 |title=Saudi Arabia's PIF launches new company to develop Jeddah's historic district|url=https://www.thenationalnews.com/business/2023/10/03/saudi-arabias-pif-launches-new-company-to-develop-jeddahs-historic-district/ |work=The National News |location= |access-date=2024-03-16}}
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, which assigned Al Balad Development Company to manage the hotels.{{cite news |last=Nath |first=Kanchan |date=2024-03-07 |title=Jeddah Historic District, 'Al Balad' launches first three heritage hotels with UNESCO World Heritage Status |url=https://www.traveldailymedia.com/jeddah-historic-district-al-balad-launches-first-three-heritage-hotels-with-unesco-world-heritage-status/ |work=Brand TD |location= |access-date=2024-03-16}}
See also
References
{{Reflist}}
External links
[https://balad.com.sa/en/ Official Website (English)]
{{Saudi Arabia topics}}