The Saudi Downtown Company (SDC), a subsidiary of the Public Investment Fund (PIF), signed a memorandum of understanding (MoU) with the Ministry of Communications and Information Technology to develop digital infrastructure and communication technologies.
SDC will launch projects in 12 cities and work towards enhancing infrastructure and building strategic partnerships with the private sector and investors. The MoU was signed at the second edition of LEAP, a major international technology conference held annually in Saudi Arabia.
Why it matters
SDC is part of the vision 2030 plan to diversify the Saudi economy away from oil and strengthen the national economy through the Public Investment Fund. As the world's top oil exporter, Saudi Arabia has recorded strong economic growth this year due to higher oil prices and a recovery from the coronavirus slowdown in 2021, with its economy growing by 12.2% in the second quarter, registering the fastest expansion in over a decade.