Saudi Crown Prince launches Soudah Development Company with SR11bn investment

February 24, 2021

Saudi Gazette report

RIYADH — Saudi Arabia's Crown Prince Mohammed Bin Salman, who is also the chairman of the Public Investment Fund (PIF), launched on Wednesday the Soudah Development Company in the Asir region of the Kingdom, Saudi Press Agency (SPA) reported.

The new entity, fully owned by the PIF, will lead the development of a luxury mountain destination with immersive cultural experiences and celebration of the natural assets empowering the local and national economies.

Launched to be a key driver of the Kingdom’s Vision 2030 ambitions, the company will infuse SR11 billion ($3 billion) into infrastructure and tourism projects, aimed at enhancing the visitor experience in Soudah and parts of Rijal Alma'a governorate.

The planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. The company aims to develop Soudah and Rijal Alma’a into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimate of SR29 billion ($8 billion) to the Kingdom’s cumulative GDP by 2030.

The Soudah Development Company intends to partner and collaborate with the local community and private sector to build a robust and diverse network of yearlong offerings across the hospitality, residential, commercial and entertainment sectors. It aims to attract over 2 million visitors annually targeting the adventure seekers and culture travelers that are looking for unique experiences. It is also forecasting to create 8,000 direct and indirect permanent jobs by 2030.

Yasir Othman Al-Rumayyan, governor of the PIF, said: “Our investment in the Asir region reflects our confidence in the character of the location, which is a rich amalgamation of identity, heritage and experience. Through careful and considerate development, the company will provide yet another remarkable destination in the diverse and growing portfolio of Saudi Arabian experiences capturing the imagination of a broad range of investors and travelers.”

The PIF will inject at least SR150 billion ($40 billion) a year into the local economy and aims to grow assets under management to over SR7 trillion ($2 trillion) by 2030.

The destination adds another dimension to Saudi Arabia’s ambitious tourism goals and complements those destinations being created on the Red Sea coast and around the capital city of Riyadh.

The Soudah Development Company aims to create a roadmap to transform the region’s vast public areas into a diverse landscape that organically and respectfully integrates yearlong adventure and culture tourism, while highlighting the region’s distinct culture, geography and its verdant nature. Preserving the environmental integrity of the destination will be a priority and the development will follow a rigorous regulatory framework and urban planning code.

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