The Crown Prince and Chairman of the Board of Directors of the Saudi Public Investment Fund, HRH Crown Prince Mohammed bin Salman launched on Monday, the “Downtown Saudi Company“, which aims to establish and develop urban centers and multiple and diverse destinations in 12 cities in the Kingdom.
The Saudi Press Agency, “SPA,” stated that “the company will contribute to developing the infrastructure of cities and strengthening strategic partnerships with the private sector and investors.
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, where it intends to develop more than 10 million square meters. Its projects are designed according to the modern character and derived from the spirit, culture, and local urban fabric of the Kingdom’s regions, 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.