Saudi Crown Prince launches company to develop 12 urban centres

Riyadh: Prince Mohammed bin Salman bin Abdulaziz Al Saud, the crown prince of Saudi Arabia, launched Saudi Downtown Company on Monday to build and develop downtown areas and mixed-use destinations in 12 cities throughout the kingdom.

The Public Investment Fund (PIF) 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.

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 10 million square meters 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 projects will also contribute to creating new opportunities for the private sector and new job opportunities for local citizens.