Saudi Arabia unveils Saudi Downtown Company to develop the country's urban centres
The Saudi Downtown Company (SDC), a company created under the aegis of the royalty and therefore the Public Investment Fund (PIF), will promote the launch of projects in various regions of the country, creating new jobs, with a view to improving the infrastructure of many cities and building strategic alliances with the private sector. The projects to be developed will be in twelve cities including Al-Khobar, Al-Ahsa, Buraidah, Najra, Jizan and Arar.
According to WAM news agency, Prince Mohammed bin Salman said the project aims to establish and develop multi-faceted urban centres with various factories across the Kingdom. The launch of SDC reflects His Royal Highness the Crown Prince's vision to launch development projects in various regions of Saudi Arabia, highlighting the active role that national 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 at the local level that can help drive diversification of the economy and contribute to non-oil GDP growth, in line with Vision 2030 goals.
The company's ambition is to structure more than ten million square metres, creating modern destinations inspired by the diversity of local culture and traditional Saudi Arabian architectural motifs using state-of-the-art technology in their construction. The intention is to enhance partnerships and build bridges between the public and private sectors by creating new business opportunities and investment in the commercial retail, tourism, entertainment and housing sectors.
The launch and fulfilment of all the objectives will, in the opinion of project observers, ensure that the programme announced by Mohammed bin Salman will bring about a qualitative leap in the quality of life of citizens residing in the country, providing attractive environments for families and the local commerce sector.
These actions by Prince Mohammed bin Salman to boost the country are motivated by his desire to promote the country's major cities as a sign of gratitude for their outstanding role in the development and support of the national economy. The aim of these investments is to achieve a better and more efficient local business sector to help boost the country's non-oil GDP growth in line with the goals of the Vision 2030 agenda.
Since Mohammed bin Salman took over the leadership of the country in 2017, replacing his father in certain functions, the nation has made great progress in its transformation towards a state based on the decentralisation of the economy in relation to hydrocarbons and diversifying the economy in different sectors such as recreation or sport, with, for example, the celebration of the Spanish Super Cup earlier this year, tourism, etc. .... All of this within the fulfilment of Vision 2030.
HRH the Crown Prince unveils the #Saudi_Downtown Company, #aPIFcompany, which aims to build and develop downtown areas and mixed-use destinations in 12 cities across Saudi Arabia.
Learn more: https://t.co/dxqzPb0m55 pic.twitter.com/ywpoijViGz— Public Investment Fund (@PIF_en) October 3, 2022
Vision 2030 has 3 main pillars: the country's status as the "heart of the Arab and Islamic worlds", the determination to become a global investment power, and finally transforming the country's location into a hub connecting three continents (Asia, Europe and Africa) as stated in the content of the Vision 2030 programme. The approach sets goals for diversification and improved competitiveness. It is based on three main themes that set specific goals to be achieved by 2030: a society with better opportunities, a thriving economy at local, state and international levels, and an ambitious nation that is no longer dependent on hydrocarbons as its main source of income.
