Today: 4 April 2025
4 October 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

India, Bangladesh Envoys Celebrate Durga Puja in London

Next Story

Sharjah Ruler stresses importance of census

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments remain flexible and could be paused or reversed depending on market conditions. Eight OPEC+ nations have unexpectedly decided to accelerate their oil
Go toTop

Don't Miss

Saudi Arabia backs US efforts to stop Iran getting nuclear weapons

Saudi Cabinet members praised US President Joe Biden for expressing

Madinah museum’s role to preserve Islamic heritage praised

Al-Qasabi expressed his admiration for the museum’s role in preserving