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Saudi PIF reveals extensive ten-year real estate investment plan
(MENAFN) In a sweeping investment initiative, the Saudi Public Investment Fund (PIF) and its subsidiaries are gearing up for an extensive real estate investment plan, projecting an allocation of up to 4 trillion riyals within the Kingdom of Saudi Arabia over the next decade. Ahmed Al-Shanqeeti, the Head of National Development Programs in the Real Estate and Infrastructure Sector at the Fund, disclosed this ambitious strategy during the inaugural ministerial session of the Northern Border Investment Forum in Arar, Saudi Arabia.
Central to this comprehensive investment approach is the landmark "Downtown" project, a colossal undertaking set to reshape the real estate landscape across 12 different Saudi cities. Spanning over 10 million square meters, the project will be implemented by "Downtown Saudi," a company affiliated with the Public Investment Fund.
One of the pivotal goals of this initiative is to foster sustainable development and bolster local industries. To this end, the Fund aims to achieve a local component percentage of 60% in its real estate projects by 2025. This commitment not only underscores the Fund's dedication to supporting homegrown businesses but also opens up unprecedented opportunities for local companies and industries to actively participate in these monumental projects.
The magnitude of this investment plan signals a strategic vision for the Kingdom's economic future, aligning with broader efforts to diversify revenue streams and promote indigenous industries. The announcement at the Northern Border Investment Forum marks a pivotal moment in Saudi Arabia's drive to leverage its immense economic potential through strategic and impactful investment initiatives.
Central to this comprehensive investment approach is the landmark "Downtown" project, a colossal undertaking set to reshape the real estate landscape across 12 different Saudi cities. Spanning over 10 million square meters, the project will be implemented by "Downtown Saudi," a company affiliated with the Public Investment Fund.
One of the pivotal goals of this initiative is to foster sustainable development and bolster local industries. To this end, the Fund aims to achieve a local component percentage of 60% in its real estate projects by 2025. This commitment not only underscores the Fund's dedication to supporting homegrown businesses but also opens up unprecedented opportunities for local companies and industries to actively participate in these monumental projects.
The magnitude of this investment plan signals a strategic vision for the Kingdom's economic future, aligning with broader efforts to diversify revenue streams and promote indigenous industries. The announcement at the Northern Border Investment Forum marks a pivotal moment in Saudi Arabia's drive to leverage its immense economic potential through strategic and impactful investment initiatives.
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