| 23 February 2024, Friday |

Saudi crown prince launches Soudah Development Company with $3 billion

Saudi Arabia’s Crown Prince Mohammed bin Salman launched on Wednesday the Soudah Development Company (SDC) in the Kingdom’s southwestern Asir region with an investment of 11 billion riyals ($3 billion).

The multi billion investment in tourism infrastructure and attractions aims to create a world-class mountain destination in Asir, and the company hopes to attract more than 2 million visitors a year, Saudi Press Agency (SPA) reported.

The SDC seeks to create 8,000 permanent jobs by 2030 and is set to cooperate with the private sector to improve the Kingdom’s tourism infrastructure with 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions by 2030.

The new company is fully owned by the Public Investment Fund (PIF) and will lead the development of a luxury mountain destination with immersive cultural experiences that celebrate the region’s natural assets.

The Soudah Development Company will pump funds into infrastructure and tourism projects that aim to enhance the visitor experience in Al-Soudah and parts of the Rijal Alma governorate.

The company also seeks to develop Al-Soudah and Rijal Alma into a year round sustainable destination for residents and visitors that will contribute an estimated of $ 8 billion to Saudi Arabia’s cumulative GDP 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,” the PIF’s governor Yasir Al-Rumayyan noted.

“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,” he added.