HRH 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 features, 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.