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Saudi sovereign fund to redevelop USD4.8bn Jeddah waterfront project
(MENAFN) Saudi's Public Investment Fund will control the redevelopment of Jeddah's waterfront corniche in an USD4.8bn project that will involve housing, shops, museums and a marina.
Additionally, the project is part of economic reform plans that aim to move Saudi's economy beyond reliance on oil exports by increasing industries like tourism and entertainment.
Moreover, the PIF, which is the nation's major sovereign wealth fund and is believed to have almost USD180bn of assets, is mobilized to support many such projects.
Additionally, the project is part of economic reform plans that aim to move Saudi's economy beyond reliance on oil exports by increasing industries like tourism and entertainment.
Moreover, the PIF, which is the nation's major sovereign wealth fund and is believed to have almost USD180bn of assets, is mobilized to support many such projects.
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