Riyadh, Dec 18 (IANS): Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched a development plan of the Jeddah Central Project with a total investment of $20 billion.

The project will be developed on 5.7 million square meters of land overlooking the Red Sea, Xinhua news agency reported.

The Jeddah Central Project is expected to achieve an estimated added value of 47 billion riyals for the kingdom's economy by 2030.

It will include four landmarks, which are opera house, museum, sports stadium and oceanarium, and contribute to opening the way for the local private sector to participate in the development.

In addition, the city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms.

The project will feature world-class marina and beach resorts, as well as restaurants and cafes, and diverse shopping options.