©2021 Reporters Post24. All Rights Reserved.
Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the the launch of the Saudi Downtown Company. Its aim is which to build and develop downtown areas and mixed-use destinations in 12 Saudi cities.
In a statement it said: “The company will aim to improve infrastructure and build strategic partnerships with the private sector and investors by creating new business and investment opportunities in key economic sectors including retail, tourism, entertainment, and housing.”
It added: “The 12 cities include Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jazan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. The company will develop over 10 million square meters of land across all projects, creating modern destinations drawn from Saudi Arabia’s diverse local culture and traditional architectural motifs, while using cutting-edge technology in every project.”
The PIF lies at the centre of the kingdom’s Vision 2030 plan to diversify the Arab world’s largest economy and reduce its reliance on oil.
Under a five-year strategy announced last year, the PIF aims to more than double the value of its assets under management to $1.07 trillion and to commit $40 billion annually to develop Saudi Arabia’s economy until 2025.
It has created 10 new sectors, set up more than 30 new companies, created 331,000 jobs in Saudi Arabia and more than tripled its assets in the past few years. Under its five-year plan, it will focus on 13 sectors as part of its core domestic strategy.
Through SDC, the sovereign wealth fund aims to boost trade and investment opportunities in various cities across the kingdom that will enhance their local economies.
“The projects will also contribute to creating new opportunities for the private sector and new job opportunities for local citizens, as well as localising knowledge and expertise to help entrepreneurs and companies start and expand their businesses,” Spa said.
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 gross domestic product growth, it said.
The new company is to be wholly owned and funded by Saudi Arabia’s Public Investment Fund, which it said “aims to increase trade and investment opportunities in various Saudi cities to increase their attractiveness and create a positive impact on their local economies.”
