Abstract

It is without doubt, the conservation of a nation’s cultural heritage is of crucial
prominence, as it embraces the sense of belonging and is a major component of quality of life. It
also plays a substantial role towards the foundation of the future. In the context of developing
countries, large number of cities are enjoying significant cultural heritage embodied in their
built environment, specifically within their urban heritage centers. However, such cities face the
risk of losing their distinctive character while they strive to modernize, in order to overcome the
multiplicity of pressures accompanied with different effects, notably as globalization on one
hand and urbanization on the other. Whereas the conservation is an effort of utilizing the past
for useful modern functions, different approaches are aiming to draw a balance between conservation
and development through acceptable degrees of change, where heritage-led urban regeneration
projects are considered as a category. In essence, interventions to conserve architectural
landmarks and upgrade infrastructures in heritage cities facing urbanization challenges are of
sound significance. Special attention is needed to conserve the urban tissues shaping unique
sense of place and character. This research investigates the economic strategies for urban regeneration
projects utilizing urban heritage centers to provide sustainable urbanization and inclusive
growth. It highlights the role of urban heritage assets in differentiating cities along with
their competition to mobilize investments and promote local economic growth. The paper investigates
a framework of heritage economics that requires a holistic approach interpreting heritage
as an asset, with the central question being about identifying the different values of such
assets. Different valuation methods are introduced within the notion of total economic value, to
assess the contribution of a heritage asset in investments regenerating the economic basis of old
cities. A struggle between symbolic significance of heritage cities/towns, their urban form, and
the distinctive spirit of place and the many economic and political agendas that are diminishing
the heritage sites and sense of place is identified. The paper revitalizes the lost standing identity
of old heritage cities, which would aid developers and stakeholders towards a more socioeconomic
sustainable development strategy. In addition, supports sustaining, preserving and
conserving the city’s symbolic significance of heritage buildings and distinctive sense of place