The Clap
Saudi Crown Prince Mohammed bin Salman launched the Saudi Downtown Company, a subsidiary of the Public Investment Fund, to establish and develop urban centers and multiple destinations in KSA.
The Deets
Downtown will launch its projects in 12 cities with the aim of developing more than 10 million square meters for its modern-designed projects.
Downtown
The company will focus on developing the infrastructure of the cities, as it aims to boost the country’s economy and provide thousands of job opportunities by taking advantage of new investment opportunities in the business, shopping, tourism, entertainment, and housing sectors.
Smart Cities
Saudi Arabia is looking to shift toward an economy that does not depend solely on oil, in line with the objectives of “Vision 2030.”
The country aims to fulfill its objectives through building smart and entertainment cities, most notably “The Line“, “Oxagon“, “Qiddiya” and “Amaala“.
Why this Matters
Downtown’s strategy is in line with the efforts of the PIF in developing promising sectors in the KSA, achieving the fund’s objectives, diversifying the Saudi economy, and increasing the growth of non-oil GDP.
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