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Saudi Arabia to invest USD 3 billion to create mountain destination

Article-Saudi Arabia to invest USD 3 billion to create mountain destination

Saudi Arabia’s sovereign wealth fund launches Soudah Development Company which aims to attract over 2 million visitors annually

Saudi Arabia’s Public Investment Fund (PIF) has announced the development of a luxury mountain destination, which aims to attract over 2 million visitors annually and create 8000 direct and indirect jobs.

Soudah Development Company (SDC), announced by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF), is a new entity with “immersive cultural experiences and celebration of the natural assets empowering the local and national economies” based in the Asir region.

The planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions by 2030.

According to a press statement SDC will be a key driver of the Kingdom’s Vision 2030 ambitions and will inject 3 billion into infrastructure and tourism projects – and aimed at enhancing parts of Rijal Alma’a Governorate in the Asir region of the country.

“SDC aims to develop the project area into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimate of USD 8 billion to the Kingdom’s cumulative GDP by 2030,” the press statement reads.

PIF will inject at least USD 40 billion a year into the local economy and aims to grow assets under management to over USD 2 trillion by 2030.

Photo Credit: Bloomberg


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