Saudi crown prince, and Public Investment Fund chairman Mohammed bin Salman announced on Monday the launch of Saudi Downtown Company (SDC), which will build and develop downtown areas and mixed-use destinations in 12 cities throughout the Kingdom.

The PIF-owned SDC will develop more than 10 million square metres of land across the 12 cities of Al-Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk, the state press agency SPA said in a report.

The report said the new company will 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.

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)