Saudi Arabia unveils new company to develop downtown areas in 12 cities

By Shilpa Annie Joseph, Desk Reporter
  • Follow author on
Saudi Arabia
Representational Image

Saudi Arabia’s Crown Prince Mohammed Bin Salman, Chairman of the Public Investment Fund (PIF), has launched the Saudi Downtown Company (SDC) in order to build and develop areas in city centers and mixed-use destinations in 12 locations throughout the kingdom.

The PIF-owned SDC will develop more than 10 million square meters of land across the Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk.

The new company will work towards enhancing the infrastructure and building strategic partnerships with the private sector and investors.

According to the statement, it will create new business and investment opportunities in key economic sectors such as retail, tourism, entertainment, and housing.

The launch of SDC reflects the Crown Prince’s vision to launch development projects in various regions of Saudi Arabia.

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, as per the statement.

By launching SDC, PIF intends to increase trade and investment opportunities in various cities across Saudi Arabia to enhance their attractiveness and create a positive impact on their local economies.

According to the statement, 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.

Related: UAE extends National ICV Program to RAK & Fujairah to support local firms


YOU MAY LIKE