His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Chairman of the Board of Directors of the Public Investment Fund\u2014may God protect him\u2014announced the launch of \u201cSaudi Downtown,\u201d which aims to establish and develop urban centers and diverse destinations throughout the Kingdom.<\/p>\n
The company will contribute to the development of urban infrastructure and strengthen strategic partnerships with the private sector and investors by offering numerous new investment opportunities in the business, retail, tourism, entertainment, and housing sectors.<\/p>\n
\u201cDowntown Saudi\u201d will launch its projects in 12 cities: Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. The company plans to develop more than 10 million square meters for its projects, which are designed in a modern style inspired by the spirit of the Kingdom\u2019s regions, its culture, and its local urban fabric, while adhering to the latest approved standards.<\/p>\n
Through the \u201cSaudi Downtown\u201d projects, the Public Investment Fund aims to contribute to boosting commercial and investment activity in various cities across the Kingdom, thereby increasing their appeal and enhancing the positive impact on their local economies. It also aims to provide new opportunities for private-sector companies, and create job opportunities for local residents, while facilitating the transfer of expertise and knowledge in various fields. The projects will provide an exceptional business environment tailored to the needs of companies and entrepreneurs, helping them expand their operations to other cities and regions across the Kingdom.<\/p>\n
The launch of \u201dSaudi Downtown\u201d comes as an extension and affirmation of His Royal Highness the Crown Prince\u2019s efforts to develop the Kingdom\u2019s regions, in a manner consistent with the comparative and competitive advantages of each region, reflecting His Highness\u2019s belief in the effective role that urban economies play in supporting and strengthening the national economy. The company\u2019s strategy aligns with the Public Investment Fund\u2019s efforts to develop and empower promising sectors in the Kingdom, and to contribute to achieving the Fund\u2019s objectives of diversifying the Saudi economy and increasing non-oil GDP growth, in line with the objectives of the Kingdom\u2019s Vision 2030.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Chairman of the Public Investment Fund (PIF), announced the launch of Downtown Saudi Arabia, which aims to create and develop urban centers and diverse destinations across the Kingdom. The company will contribute to the development of city infrastructure, foster strategic partnerships with the private sector, and ... 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