Riyadh: Crown Prince and Prime Minister Mohammed bin Salman have announced the ‘Saudi Downtown Company’ which will enable massive development in 12 Saudi cities.
The company’s first objective is to implement urban development in Madinah, Al Khobar, Al Ahsa, Buraida, Najran, Jizan, Hail, Albaha, Arar, Taif, Daumatul Jandal and Tabuk in 1 million square meters using public investment funds.
CDC will lead the construction of retail centers, entertainment centers, residential projects etc. with the participation of the private sector and investors. The urban development will take inspiration from Saudi’s various local cultures and traditional architectural methods and make the most of the possibilities of modern technology.
The projects will help to create new opportunities for the private sector and create more employment opportunities for the local people. Urban development through infrastructure expansion is part of efforts to strengthen the economy by creating trade and investment opportunities. Understanding will be shaped by the local use of entrepreneurs’ expertise.
The development plan of the 12 selected cities is considered to be aimed at accelerating the diversification of the economy and increasing sources of income other than oil in line with Vision-2030 goals.