Saudi Crown Prince launches new company to develop downtown areas in 12 cities

Saudi Arabia’s Crown Prince Mohammed bin Salman launched the Saudi Downtown Company (SDC) on Monday to build and develop areas in city centers and mixed-use destinations in 12 locations throughout the kingdom, the Saudi Press Agency (SPA) reported.

• New company reflects HRH the Crown Prince’s vision to launch development projects in various regions of Saudi Arabia, create new job opportunities, enhance city infrastructure and build strategic partnerships with the private sector
• Saudi Downtown Company (SDC) aims to build and develop downtown areas and mixed-use destinations in 12 cities within Saudi Arabia.
• Projects to be developed in the cities of Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk

The new company, part of the sovereign wealth fund Public Investment Fund (PIF), will work towards enhancing the infrastructure and building strategic partnerships with the private sector and investors.

It will create new business and investment opportunities in key economic sectors such as retail, tourism, entertainment, and housing.

New company reflects HRH the Crown Prince’s vision to launch development projects in various regions of Saudi Arabia, create new job opportunities, enhance city infrastructure and build strategic partnerships with the private sector

Saudi Downtown Company (SDC) aims to build and develop downtown areas and mixed-use destinations in 12 cities within Saudi Arabia

The 12 cities where projects to be developed are Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk.

“SDC will develop over 10 million square metres 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.

The PIF lies at the centre of the kingdom’s Vision 2030 plan to diversify the Arab world’s largest economy and reduce its reliance on oil. 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 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.