Saudi launches firm to develop downtown areas in 12 cities
According to the Saudi Press Agency, which Trend reports citing Xinhua, Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud announced the establishment of the Saudi Downtown Company on Monday for urban development throughout the kingdom.
In 12 cities, including Al-Madinah, Al-Baha, Najran, Jizan, Taif, and Al-Jandal, the company, which is associated with the Saudi Public Investment Fund, will construct and develop downtown districts and mixed-use destinations.
In total, it will develop more than 10 million square metres of land while mixing cutting-edge technology into each project while also incorporating the different local cultures and traditional architectural themes.
By opening up new business prospects in the retail, tourist, entertainment, and housing sectors, the corporation will endeavour to enhance infrastructure in these cities and forge alliances with private investors.
Prior to that, the Ministry of Municipal and Rural Affairs and Housing (MOMRA) of Saudi Arabia had inked an agreement for the development of 11 cities’ infrastructure costing more than SR40 billion.
Over 150,000 housing units, varying in size and style, are provided by the agreement to cover the 11 cities. This agreement will allow for a population capacity of up to 750,000 persons.
The National Housing Company (NHC), the largest real estate developer, and MOMRA also agreed to finance and build a project portfolio, according to the Saudi Press Agency (SPA).
A total of 54 million square metres will also be set aside for public amenities, roads, and public transportation as well as green and open areas.
The NHC and its real estate developers are striving to establish a complete infrastructure, as well as to offer services and create a variety of quality-of-life facilities, according to SPA.