October 4, 2022
1 min read

MBS launches Saudi Downtown Company for development

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.

ALSO READ: UAE, Oman hold first board meeting for $3bn railway

Previous Story

China interested in Pakistan’s donkeys

Next Story

Sharjah Ruler stresses importance of census

Latest from -Top News

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

US to revoke all South Sudan visas

Trump’s administration has taken aggressive measures to ramp up immigration enforcement, including the repatriation of people deemed to be in the US illegallyThe US said on Saturday it would revoke all visas

Panama wants ‘respectful’ ties with US

The US State Department said Landau had “expressed gratitude for Panama’s cooperation in halting illegal immigration and working with the US to secure a nearly 98% decrease in illegal immigration Panama hopes

UN calls for Myanmar support as toll climbs

During a visit to Myanmar’s second-biggest city, Mandalay, which was near the epicenter of the 7.7 magnitude quake, United Nations aid chief Tom Fletcher appealed for international support The United Nations called
Go toTop

Don't Miss

Iranian, Saudi FMs hold talks at Jordan conference

Iran and Saudi Arabia have recently held several rounds of

GCC secretary-general appeals for ceasefire in Yemen

Gulf Cooperation Council (GCC) Secretary-General Nayef Falah Al-Hajraf appealed for