Riyadh: Saudi Crown Prince Mohammed bin Salman Al Saud on Monday launched the Saudi Downtown Company (SDC), which aims to establish and develop urban centers and multiple and diverse destinations throughout the Kingdom.
The Saudi Downtown Company (SDC) 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.
According to the Saudi Press Agency (SPA), the company will contribute to developing the infrastructure of cities and strengthening strategic partnerships with the private sector and investors.
The new company will also provide many new investment opportunities in the business, shopping, tourism, entertainment and housing sectors.
It 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 SDC projects, the Saudi Arabia’s 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.
The launch of Downtown Saudi comes within the vision of 2030 to diversify the Saudi economy away from oil, as the Kingdom seeks, through the Public Investment Fund, to support and strengthen the national economy, and increase the growth of non-oil GDP.
Since Prince Mohammed bin Salman assumed the position of Crown Prince in 2017, the Kingdom has sought to diversify the economy by supporting the entertainment, sports, tourism and other sectors, with the aim of stopping the historical dependence on oil, in a plan it developed under the title Vision 2030.
