RIYADH: Crown Prince Mohammed bin Salman has launched the master development Downtown Jeddah project, formerly known as “New Jeddah Downtown”, to develop 5.7 million square meters with a total investment of SR75 billion ($19.98 billion). The project will be implemented by the Public Investment Fund’s Central Jeddah Development in three phases, the first of which will be completed by the end of the year 2027. Downtown Jeddah will then begin to receive residents and visitors from inside and outside the Kingdom. It will be financed by the PIF and investors from inside and outside the Kingdom, Saudi Press Agency reported. The developing company is currently working with all relevant authorities to ensure the implementation of all phases according to the approved time plan. The "Downtown Jeddah" project aims to achieve an added value to the Kingdom"s economy by SR47 billion by 2030. The project will include four major international landmarks, namely; an opera house, a museum, a sports stadium, and ocean basins and coral farms. There will also be more than 10 entertainment and tourism projects. The operational works of the project will pave the way for the local private sector to participate in the development and operation of promising economic sectors, like tourism, sports, cultural and entertainment, with international standards. The project will also include a world-class marina and beach resorts, in addition to a wide range of luxury local and international hotels, restaurants and cafes, and various options for shopping. Downtown Jeddah also aims to provide integrated solutions for the business sector, SPA said. More than 500 engineers and consultants participated in the design of the master plan, representing five of the world"s best expertise houses. The Downtown Jeddah project has many natural features, including the waterfront with a water strip of 9.5 kilometers in length. It contains a marina with international specifications prepared to receive yachts from inside and outside the Kingdom, and a sandy beach with a length of 2.1 km. Green, open spaces, and public services will constitute 40 percent of the project area.