Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) and its subsidiaries plan to invest SAR 4 trillion in real estate projects in the Kingdom within the upcoming 10 years, Ahmad Alshanqiti, Head of Real Estate and Infrastructure National Programs Management at PIF, announced.
The Saudi Downtown Company, wholly-owned by the PIF, targets developing around 10 million square meters in 12 Saudi cities, Alshanqiti affirmed during the first ministerial session at the Northern Borders Investment Forum 2023 held in Arar.
The Saudi Downtown Company was established last October to build up and develop areas in city centers and mixed-use destinations in different locations across the Kingdom, including Madinah, Al Khobar, Al Ahsa, Buraydah, Najran, Jizan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk.
Alshanqiti elaborated that the sovereign fund aims to achieve a local component rate of 60% in its real estate projects as of 2025, unlocking more opportunities for local industries.
Saudi Downtown Company was established by Crown Prince and Prime Minister Mohamed Salman to enhance the quality of life and catalyze economic activity in Saudi cities.
Its projects will create new experiences and opportunities for residents, visitors, and businesses in retail, shopping, entertainment, hospitality, and housing.
