His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince and Chairman of the Board of Directors of the Public Investment Fund, may God protect him, announced the launch of the "Downtown Saudi Company", which aims to establish and develop urban centers and multiple and diverse destinations throughout the Kingdom.
The company will contribute to developing the infrastructure of cities and strengthening strategic partnerships with the private sector and investors, by providing many new investment opportunities in the business, shopping, tourism, entertainment and housing sectors.
Downtown Saudi Arabia will launch its projects in 12 cities: Madinah, Al Khobar, Al Ahsa, Buraydah, Najran, Jizan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk. It intends to work on developing more than 10 million square meters of its projects, designed according to the modern character and derived from the spirit and culture of the Kingdom's regions, and its local urban fabric, taking into account the application of the latest approved standards.
Through the "Downtown Saudi" projects, the Public Investment Fund aims to contribute to the promotion of trade and investment movement in various cities around the Kingdom, which increases its attractiveness and enhances the positive impact on the local economy. As well as providing new opportunities for private sector companies, creating job opportunities for the people of the regions, in addition to providing benefit from the transfer of expertise and knowledge in several areas. The projects will provide a distinguished work environment that suits the requirements of companies and entrepreneurs to contribute to the expansion of their business to other cities and regions in the Kingdom.
The launch of "Downtown Saudi" is an extension and confirmation of the efforts of His Highness the Crown Prince to develop the Kingdom's regions. In line with the comparative and competitive advantages that each region enjoys, in the belief of His Highness in the effective role played by the economies of cities in supporting and strengthening the national economy. The company's strategy is in line with the efforts of the Public Investment Fund to develop and empower promising sectors in the Kingdom, and to contribute to achieving the fund's objectives to diversify the Saudi economy and increase the growth of non-oil GDP, in line with the objectives of the Kingdom's Vision 2030.