HRH Mohammed bin Salman launches Saudi Downtown Company to develop areas in 12 cities
The launch of the new company is said to reflect the Crown Prince’s vision to launch development projects in various regions of Saudi Arabia
The Saudi Downtown Company (SDC) has been launched by His Royal Highness Crown Prince Mohammed bin Salman, Chairman of the Public Investment Fund (PIF). The SDC aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia.
According to a statement, the company plans to improve 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.
The 12 cities include: Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. SDC will develop over 10m sqm 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, the statement noted.
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The launch of SDC is said to reflect 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, the statement explained.
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 statement concluded.
In September 2022, The Red Sea Development Company said contracts worth $1.7bn had been signed for AMAALA to date while, later in the month, Knight Frank said over $1.1tn in real estate and infrastructure projects are currently underway in Saudi Arabia.
