Saudi Arabia's Public Investment Fund (PIF) will finance the redevelopment of Jeddah's corniche.
Works for the project, named New Jeddah Downtown, will be worth $4.8bn (SAR18bn) over a span of 10 years, during which PIF will create 36,000 jobs related to development works.
Initial works for the development are currently underway, with construction due to begin in 2019.
Phase 1 of the development will be launched in Q4 2022.
Residential areas will span 42% of New Jeddah Downtown, with 35% dedicated to entertainment and retail, 12% to office, and 11% to hotel and hospitality properties.
More than 12,000 housing units to accommodate 58,000 residents will be developed as part of the project, which will span 500ha.
The project area will be split into six sections comprising – besides residential, hospitality, and commercial – museums, cultural and social spaces, sports areas, and coastal, seaside, and marine facilities.
Spaces for entertainment, shopping, and commercial activities will also be created within the development.
As a mixed-use destination, New Jeddah Downtown will support the city's ambition of becoming one of the world's top 100 cities, and spurs the objectives of Saudi's Vision 2030 programme, state news agency, SPA, reported.