Tuesday, 29 November 2022

HRH Crown Prince unveils Saudi Downtown Company, which aims to ‎develop downtowns in Saudi Arabia

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His Royal Highness Crown Prince Mohammed bin Salman, Chairman of the Public Investment ‎Fund (PIF), announced the launch of Saudi Downtown Company (SDC), which aims to build and ‎develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia. 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.‎

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.‎

By launching SDC, PIF aims to increase trade and investment opportunities in various cities ‎across 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 HRH 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. 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.‎

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