Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
Saudi government unveils Downtown Company to develop 12 cities
Posted on October 10, 2022 |
- The company aims to create and improve business and investment opportunities in key economic sectors like retail, tourism, entertainment, and housing, which will build infrastructure and strategic partnerships with the private sector and investors.
- The 12 cities are Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jazan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk.
- The company will develop over 10 million sq m of land across all projects, building modern destinations from Saudi Arabia’s diverse local culture and traditional architectural motifs.
- The new company is owned and funded by Saudi Arabia’s Public Investment Fund and aims to boost trade and investment opportunities in various Saudi cities.
- The wealth fund will fund at least $40 billion annually in domestic projects and investments, contribute $320 billion to non-oil GDP through its portfolio companies, grow assets under management to over $1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025.
- As a part of its domestic strategy, PIF will focus on healthcare, utilities, renewables telecoms, media and technology, food and agriculture, automotive, transport and logistics, real estate, aerospace, and defense.