Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Chairman of the Board of Directors of the Saudi Public Investment Fund, launched today (Monday) the “Downtown Saudi Company”, which aims to establish and develop urban centers and multiple and diverse destinations throughout the Kingdom.
Downtown Saudi Arabia will launch its projects in 12 cities, namely Madinah, Al Khobar, Al Ahsa, Buraydah, Najran, Jizan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk.
The new company intends to work on developing more than 10 million square meters for 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.
The company focuses on developing urban infrastructure and strengthening strategic partnerships with the private sector and investors through new investment opportunities in the business, shopping, tourism, entertainment and housing sectors.
Through the “Downtown Saudi” projects, the Public Investment Fund aims to provide new opportunities for private sector companies and create job opportunities for the people of the regions, in addition to providing benefit from the transfer of expertise and knowledge in several fields.
Mohammed bin Salman, Crown Prince of Saudi Arabia