Saturday 3 December 2022

New Saudi firm to develop downtown areas in 12 cities

RIYADH, October 4, 2022

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, and Chairman of the Public Investment Fund (PIF), has 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, said a Saudi Press Agency report.
The 12 cities include: Madinah, Al Khobar, Al Ahsa, Buraidah, Najran, Jizan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk. 
SDC will develop over 10 million sq m 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 these cities play in supporting the national economy, said the report.  


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