The Kingdom of Saudi Arabia will establish the Soudah Development Company (SDC) in Aseer province. SDC is fully owned by the Kingdom’s sovereign wealth fund PIF. The new development will drive the Kingdom’s Vision 2030 ambitions.
It is reported that the new entity will develop a luxury mountain destination. Furthermore, SDC will invest SR11 billion into projects related to tourism and infrastructure, focused on enhancing the visitor experience in regions such as Soudah and Rijal Alma.
The proposed developments include entertainment and commercial hubs, 2,700 hotel rooms and 1,300 residential units. SDC seeks to turn Soudah and Rijal Alma into a year-long sustainable destination for residents and visitors, by partnering with the local community.
SDC will partner with the private segment to develop the tourism segment with new hotels and other developments by 2030. Apart from that, the company aims to attract 2 million tourists annually, targeting adventure seekers and culture travellers. It also expects to create new direct and indirect permanent employment opportunities by 2030.
Yasir Othman Al-Rumayyan, PIF governor, told the media, “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. 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 Kingdom is becoming a hotbed for foreign investors in past few years.