Saudi Arabia’s Public Investment Fund (PIF) has launched Ardara, a new venture to develop AlWadi in the Aseer region in the southwest of Saudi Arabia.

AlWadi – meaning “the valley”– will cover 2.5 million square metres and would be developed with sustainability at its core, Saudi Press Agency reported, quoting Crown Prince and Prime Minister Mohammed bin Salman.

Over 30 percent of the project’s area will be dedicated to green open spaces, with over 16km of waterfront and 17km of sports trails.

AlWadi will feature five districts, offering residential, hospitality and recreation options in the first phase, slated to be completed over the next three years. This will include 2,000 residential units comprising high-end apartments, villas, luxury hotels, and commercial spaces.

Ardara will provide investment and partnership opportunities for local and global investors across various sectors, including hospitality, arts, culture, food, and agriculture, as well as retail and entertainment.

The AlWadi destination will contribute more than 19 billion Saudi riyals to the country’s non-oil GDP by 2030, the statement said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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