PIF eyes SAR 4T investments in real estate development over 10 years: Official

26/11/2023 Argaam
Logo of Public Investment Fund (PIF)

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) and its subsidiaries aim to invest about SAR 4 trillion in the Saudi real estate development sector in the next 10 years, according to Ahmad Alshanqiti, PIF's Head of Real Estate and Infrastructure National Programs Management. 

 

The Saudi Downtown project, which aims to develop around 10 million square meters in 12 Saudi cities, is one of the key real estate development projects, Alshanqiti said in his speech at the Northern Borders Investment Forum. 

 

He went on to say that PIF's goal of achieving 60% local content by 2025 will help create many opportunities for local businesses both during and after the project's completion. 

 

Crown Prince Mohammed bin Salman announced, in October 2022, the launch of the Saudi Downtown Co. (SDC), which aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia, according to Argaam's data. 

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