PIF to invest SAR 4T in real estate development

The Public Investment Fund and its subsidiaries aim to invest about SAR 4 trillion in the Saudi real estate development sector in the next ten years, said Ahmed Al-Shanqiti, head of PIF's National Development Program.

Among the key real estate development projects is the Saudi Downtown project, which aims to develop real estate for about 10 million square meters in 12 cities in Saudi Arabia, Al-Shanqiti added, in his speech at the Northern Border Investment Forum.

He stated that PIF target to achieve 60% local content by 2025, which will contribute to creating many opportunities for local industries, while benefiting from the project during its construction and after its completion.

Crown Prince Mohammed bin Salman announced, in October 2022, 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, according to Argaam's data

Source : Argaam