CAIRO: Saudi Arabia's Crown Prince Mohammed bin Salman has launched the plan and main features of the Jeddah Central Project, previously known as New Jeddah Downtown, with total investments of 75 billion riyals ($19.99 billion), the state news agency (SPA) said on Friday.

"The ambitious 75 billion Saudi riyals project will develop 5.7 million square metres of land overlooking the Red Sea to be financed by the Public Investment Fund and from local and international investors," SPA said in a statement.

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The project is expected to achieve an estimated added value of 47 billion riyals for the Kingdom's economy by 2030, SPA said.