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 objective is to implement urban development in Madinah, Al Khobar, Al Ahsa, Buraida, Najran, Jizan, Hail, Albaha, Arar, Taif, Daumatul Jandal and Tabuk in 1 million square meters using public investment funds.
SDC will lead the construction of retail complexes, entertainment centers, residential projects etc. with the participation of the private sector and investors. The urban development will take inspiration from Saudi’s diverse local cultures and traditional architectural methods and make the most of the possibilities of modern technology.
The projects will help to create new opportunities for the private sector and create more employment opportunities for the locals. Urban development by expanding infrastructure is part of efforts to strengthen the economy by creating trade and investment opportunities. Understandings will be shaped by local utilization of the expertise of entrepreneurs.
The development plan of the 12 selected cities is considered to be aimed at accelerating the diversification of the economy and increasing non-oil sources of income in line with the goals of Vision-2030.
