Saudi Arabia’s Public Investment Fund is set to embark on an ambitious investment venture, aiming to allocate 4 trillion riyals (approximately $1.07 trillion) to real estate projects within the Kingdom over the next decade.
Ahmed Al-Shanqeeti, head of the Fund’s National Development Programs for the Real Estate Sector and Infrastructure, shared this significant plan during a speech at the Northern Border Investment Forum in Saudi Arabia.
Highlighting the pivotal role of the “Downtown” project in this extensive investment initiative, Al-Shanqeeti emphasized its significance as one of the key projects targeted by the Fund.
The ambitious Downtown project aims to transform real estate development across 10 million square meters in 12 cities throughout Saudi Arabia.
Al-Shanqeeti added that the Saudi sovereign fund aims to achieve a 60 percent local component in its real estate projects in the Kingdom starting in 2025, and thus creating more opportunities for local industries.
The Kingdom has launched the Downtown Saudi Company to spearhead the creation and development of multiple centers and destinations spanning various regions. This substantial investment underscores Saudi Arabia’s commitment to fostering economic growth, enhancing infrastructure, and positioning itself as a key player in the global real estate market.
