According to the Tadawul website, this funding will contribute to the project by accelerating the development operations and pushing ahead to the next phase of sending evacuation notifications, the compensation and transfer of ownership of the properties located in the project area. Demolition works and the infrastructure development in phases will follow this step.
This approval was preceded by the processing of administrative, legal formalities, preparation of project technical studies, obtaining of government approvals for the properties documentation and evaluation and compensation list, and approval of the master plan by government authorities and obtaining approval for the infrastructure designs.
The governmental support of major development projects such as Qasr Khozam development project proves the government commitment to the success of this project through a true joint venture between the public and private sector to rejuvenate the old downtown district of Jeddah.
Qasr Khozam development project is located in the southeast of Jeddah's central downtown district, covering an area of approximately 4 million square meters. This area includes historical, economic and cultural landmarks. The project objective is to demolish all scattered properties on the project area, develop the land and provide basic infrastructure according to world-class quality standards economically, culturally and socially.
