RIYADH: Crown Prince Mohammed bin Salman announced on Monday the launch of the Saudi Downtown Company which aims to build and develop downtown areas and mixed-use destinations in 12 Saudi cities.
The company will aim to improve infrastructure and build strategic partnerships with the private sector and investors by creating new business and investment opportunities in key economic sectors including retail, tourism, entertainment, and housing.
The 12 cities include Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jazan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. The company will develop over 10 million square meters of land across all projects, creating modern destinations drawn from Saudi Arabia’s diverse local culture and traditional architectural motifs, while using cutting-edge technology in every project.
By launching the SDC, Saudi Arabia’s Public Investment Fund aims to increase trade and investment opportunities in various Saudi cities to increase their attractiveness and create a positive impact on their local economies.
The projects will also contribute to creating new opportunities for the private sector and more jobs for locals. They will localize knowledge and expertise to help entrepreneurs and companies start up and develop their businesses.
The company’s strategy aligns with PIF’s efforts to unlock the capabilities of local promising sectors that can help drive the diversification of the economy and contribute to non-oil GDP growth, in line with the objectives of Vision 2030.