Saudi Arabia’s Public Investment Fund (PIF) has revealed ultra-spectacular plans for a new multibillion tourist destination.
This week (February 24), the Crown Prince, Deputy Minister and Chairman of PIF announced the launch of Soudah Development Company (SDC).
Based in the Asir region, SDC will lead the development of an ultra-luxurious mountain destination. The mighty complex has been teased to feature a series of immersive cultural experiences, along with celebrating Saudi Arabia’s natural beauty.
SDC is expected to engage with a variety of private sector companies to develop a range of infrastructure. By 2030, the lavish tourist destination is set to feature 2700 hotel rooms, 1300 residential spaces and 30 bespoke entertainment attractions.
PIF hopes the Soudah development will attract more than two million visitors annually by 2030, along with creating 8000 direct and indirect permanent jobs.
Introduction to the Soudah Development Company (SDC)
Commenting, His Excellency 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.
Adding: “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 travellers.”
In line with Saudi Vision 2030
The project is slated to cost $3 billion and in line with Saudi Vision 2030. The Vision is an ultra-ambitious initiative in which the Kingdom is tapping into ground-breaking tourism opportunities to steer away from oil being the driving force in the economy.
Qiddiya and The Red Sea are multibillion Giga projects currently taking shape as part of the flagship project.
PIF has also recently unveiled plans to establish a cruise industry within Saudi Arabia.
In other MENA news, Yas Island has revealed 88 per cent of the destination’s employees have been vaccinated against COVID 19.
