Riyadh: Crown Prince and Prime Minister Mohammed bin Salman has announced the “Saudi Downtown Company” which will enable massive development in 12 Saudi cities.
The company’s first goal is to implement urban development in Medina, Al Khobar, Al Ahsa, Buraida, Najran, Jizan, Hail, Albaha, Arar, Taif, Daumatul Jandal and Tabuk in 1 million square meters using public investment funds.
The SDC will lead the construction of commercial complexes, entertainment centers, residential projects, etc. with the participation of the private sector and investors. Urban development will draw inspiration from diverse local Saudi cultures and traditional architectural methods and make the most of the possibilities of modern technology.
The projects will help create new opportunities for the private sector and create more employment opportunities for locals. Urban development through infrastructure expansion is part of efforts to strengthen the economy by creating business and investment opportunities. Agreements will be shaped by the local use of entrepreneurs’ skills.
The development plan of the 12 selected cities is considered aimed at accelerating the diversification of the economy and increasing non-oil sources of income in line with the Vision-2030 objectives.
