RIYADH: The PIF-owned Saudi Downtown Company on Monday signed a memorandum of understanding with the Ministry of Communications and Information Technology to develop digital infrastructure and communication technologies.
The MoU was signed at the second edition of LEAP, a major international technology conference held annually in Saudi Arabia.
The Saudi Downtown Company aims to build and develop downtown areas and mixed-use destinations in 12 Saudi cities.
The 12 cities include Madinah, Alkhobar, Al-Ahsa, Buraidah, Najran, Jazan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. The company will develop over 10 million sq. m of land across all projects, creating modern destinations drawn from Saudi Arabia’s diverse local culture and traditional architectural motifs, while using cutting-edge technology in every project.
The agreement was signed between Nayef bin Saleh Al-Hamdan, a member of the board of directors and acting CEO of Saudi Downtown Company, and Bassam bin Abdullah Al-Bassam, undersecretary of the Ministry of Communications and IT for communications and infrastructure.
Al-Hamdan said the deal aims to encourage investment in the digital infrastructure of the company’s projects.
With more than 700 speakers from 50 counties and 900 local and international companies in attendance at the Riyadh Front Center for Exhibitions and Conventions, this year’s edition of LEAP represents a huge economic advance in the Kingdom through many partnerships, deals, and investment tours.