The company will work to improve infrastructure in these cities and build partnerships with private investors by creating new business opportunities in the sectors of retail, tourism, entertainment and housing…reports Asian Lite news
Saudi Arabian Crown Prince Mohammed bin Salman Al Saud announced on Monday the launch of the Saudi Downtown Company (SDC) for urban development across the kingdom, the Saudi Press Agency reported.
Affiliated with the Saudi Public Investment Fund (PIF), the company will build and develop downtown areas and mixed-use destinations in 12 cities, including Al-Madinah, Al-Baha, Najran, Jizan, Taif and Al-Jandal.
It will develop more than 10 million square meters of land in total, incorporating diverse local cultures and traditional architectural motifs as well as advanced technology in each project.
The company will work to improve infrastructure in these cities and build partnerships with private investors by creating new business opportunities in the sectors of retail, tourism, entertainment and housing.
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 contribAute 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.
According to Saudi Press Agency, 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, it was reported.