PIF expects $1trn real estate spending over next decade
- Date: 27-Nov-2023
- Source: AGBI
- Sector:Real Estate
- Country:Saudi Arabia
PIF expects $1trn real estate spending over next decade
Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […]
SAR4trn to be invested in real estate
Focused in 12 cities
Spending earmarked for giga-projects
Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project.
The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city centres of Medina, Al-Ahsa, Khobar, Buraydah, Taif, Arar, Hail, Tabuk, Dumat Al-Jandal, Jizan, Najran and Al-Baha. The Riyadh and Jeddah downtown projects are being managed by separate entities.
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Ahmed Al-Shanqiti, head of PIF’s National Development Programme, made the comment at a Northern Borders investment forum on November 26, the news site Argaam reported. He said the downtown projects would aim to