Saudi Arabia announces launch of $3bln Soudah Development Company

The company aims to attract more than two million visitors annually, and create 8,000 direct and indirect permanent jobs by 2030

  
Saudi Crown Prince, Mohammed bin Salman attends the Saudi Cup at King Abdulaziz Racetrack in Riyadh, Saudi Arabia, February 20, 2021. Picture taken February 20, 2021. Saudi Press Agency/Handout via REUTERS

Saudi Crown Prince, Mohammed bin Salman attends the Saudi Cup at King Abdulaziz Racetrack in Riyadh, Saudi Arabia, February 20, 2021. Picture taken February 20, 2021. Saudi Press Agency/Handout via REUTERS

 

RIYADH: Saudi crown prince and chairman of the Public Investment Fund (PIF), Mohammed bin Salman, announced on Wednesday the launch of the Soudah Development Company (SDC) in the Asir region.

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

Launched to be a key driver of the Kingdom’s Vision 2030 ambitions, SDC 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 commercial and entertainment attractions.

SDC aims to develop Soudah and Rijal Alma’a into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimated SR29 billion to the Kingdom’s cumulative GDP by 2030.

Tourism

SDC to collaborate with the private sector to enhance tourism infrastructure with hotel, residential units and commercial and entertainment attractions by 2030.

The company also intends to partner and collaborate with the local community and private sector to build a robust and diverse network of year-long offerings across the hospitality, residential, commercial and entertainment sectors.

It aims to attract more than 2 million visitors annually, targeting adventure-seekers and culture travelers who are looking for one-off experiences. It is also forecast to create 8,000 direct and indirect permanent jobs by 2030.

“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,” said Yasir Othman Al-Rumayyan, PIF governor. “Through careful and considerate development, SDC 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 fund will inject at least SR150 billion a year into the local economy and aims to grow assets under management to more than SR7 trillion by 2030.

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

Preserving the environmental integrity of the destination will be a priority for the SDC, and the development will follow a rigorous regulatory framework and urban planning code.

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