Saudi Crown Prince Mohammed bin Salman launched the Saudi Downtown Company (SDC) to build and develop areas in city centers and mixed-use destinations in 12 locations throughout the Kingdom, the Saudi Press Agency (SPA) reported.
By providing numerous new investment opportunities in the business, shopping, tourism, entertainment, and housing sectors, the company will contribute to the development of city infrastructure and the strengthening of strategic partnerships with the private sector and investors.
Madinah, Al Khobar, Al Ahsa, Buraydah, Najran, Jizan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk will be the first cities to benefit from Downtown Saudi Arabia projects.
“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,” SPA said.
Through SDC, the sovereign wealth fund aims to boost trade and investment opportunities in various cities across the Kingdom that will enhance 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,” SPA said.
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 gross domestic product growth, it said.
