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New PIF firm to build mixed-use destinations in 12 Saudi cities

Saudi Crown Prince Mohammed bin Salman.

Saudi Crown Prince Mohammed Bin Salman and chairman of the Public Investment Fund (PIF), has launched Saudi Downtown Company (SDC), which seeks to build and develop downtown areas and mixed-use destinations in 12 Saudi cities.

The cities include Madinah, Al Khobar, Al Ahsa, Buraidah, Najran, Jazan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk.

The PIF-owned company will develop over 10 million square metres of land across all projects. It will help increase trade and investment opportunities across the Saudi cities.

SDC will improve the 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, the report said.