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Saudi Arabia launches Soudah Development Co. with SR11bn investment

New entity will add to Kingdom's already ambitious tourism development plans

Riyadh
Image Credit: Agency
Senior News Editor

Dubai: Saudi Crown Prince Mohammed bin Salman has announced the launch of Soudah Development Company (SDC), which will lead the development of a luxury mountain destination in Asir region. It will infuse $3 billion (SAR 11 billion) into infrastructure and tourism projects, Al Arabiya has reported.

The new entity will be fully owned by Public Investment Fund (PIF). The SDC has been launched to be a key driver of the Kingdom’s Vision 2030 ambitions. The infrastructure and tourism projects are aimed at enhancing 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 entertainment attractions. SDC aims to develop Soudah and Rijal Alma’a into a repeat, year-long sustainable destination for residents and visitors, which will contribute $8 billion (SAR 29 billion) to GDP by 2030.

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SDC intends to partner and collaborate with the private sector to build a diverse network of year-long offerings across the hospitality, residential, commercial and entertainment sectors. It aims to attract over 2 million visitors annually, by targeting adventure-seekers and culture travelers.

8,000

What Saudi Arabia expects to create as direct and indirect permanent jobs by 2030 through this venture

Yasir Othman Al Rumayyan, Governor for the Public Investment Fund, 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. 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 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 Riyadh.