Saudi Downtown Company, a wholly-owned subsidiary of the Kingdom’s Public Investment Fund, signed an MoU with the Municipality of the Eastern Province, a move which could accelerate development of smart cities in the region.
This MoU will evaluate and explore collaboration opportunities to serve residents of the region and meet their expectations through Saudi Downtown Company projects, it said in a statement. The agreement was signed by His Excellency Eng. Fahad Aljubeir, Mayor of the Eastern Province and Naif Alhamdan, Board Member and Acting CEO of Saudi Downtown Company, during the Municipal Investment Forum in Riyadh.
Saudi Downtown Company will develop downtown projects and destinations that will have a sustainable social and economic impact to enhance the quality of life and catalyze economic activity in 12 Saudi cities, namely Al-Madinah Al-Munawarah, Al-Ahsa, Al-Khobar, Buraydah, Al-Taif, Arar, Hail, Tabuk, Dumat Al-Jandal, Jizan, Najran, and Al-Baha.
Develop downtown & mixed-use destinations
In October 2022, His Royal Highness Crown Prince Mohammed bin Salman, Chairman of the Public Investment Fund (PIF), announced the launch of Saudi Downtown Company (SDC), which aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia. The company will aim to 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 launch of SDC reflects HRH Crown Prince’s vision to launch development projects across Saudi Arabia, highlighting the active role of domestic cities in supporting the Kingdom’s economy. The company’s strategy aligns with PIF’s efforts to unlock and enable the capabilities of promising sectors locally that can help the diversification of the economy and contribute to the non-oil GDP growth, which was outlined as a part of Vision 2030.