Saudi Arabia launches firm to develop downtown areas in 12 cities

Riyadh, Saudi Arabia | Xinhua |  Saudi Arabian Crown Prince Mohammed bin Salman Al Saud announced on Monday the launch of the Saudi Downtown Company for urban development across the kingdom, the Saudi Press Agency reported.

Affiliated with the Saudi Public Investment Fund, the company will build and develop downtown areas and mixed-use destinations in 12 cities, including Al-Madinah, Al-Baha, Najran, Jizan, Taif and Al-Jandal.

It will develop more than 10 million square meters of land in total, incorporating diverse local cultures and traditional architectural motifs as well as advanced technology in each project.

The company will work to improve infrastructure in these cities and build partnerships with private investors by creating new business opportunities in the sectors of retail, tourism, entertainment and housing. ■