Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled on Monday, Saudi Downtown Company, which belongs to the Kingdom’s sovereign wealth fund PIF, according to the Saudi Press Agency (SPA).
The Saudi Downtown Company (SDC) aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia.
The 12 cities include: Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. “SDC 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,” according to SPA.
The company will aim to improve the 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.
By launching SDC, PIF aims to increase trade and investment opportunities in various cities across the Kingdom of Saudi Arabia to enhance their attractiveness and create a positive impact in their local economies.
The projects will also contribute to creating new opportunities for the private sector and new job opportunities for local citizens, as well as localizing knowledge and expertise to help entrepreneurs and companies start and expand their businesses.
The launch of SDC “reflects the Crown Prince’s vision to launch development projects in various regions of Saudi Arabia, highlighting the active role that domestic cities play in supporting the national economy,” read the statement on SPA.
The company’s strategy aligns with PIF’s efforts to unlock and enable the capabilities of promising sectors locally that can help drive the diversification of the economy and contribute to non-oil GDP growth, in line with the objectives of Vision 2030.