Saudi Arabia launches Soudah Development Company with 11 Billion Riyals
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, launched the Soudah Development Company (SDC) in the Asir region, with expected investments more than 11 billion riyals.
The major new company, fully owned by the Public Investment Fund, aims to invest in the infrastructure and development of the tourism and entertainment sectors, by working to develop the project area, which includes Al-Soudah and parts of Rijal Alma`a governorate, to become a luxurious mountain tourist destination characterized by its authentic culture, unique heritage and charming nature, various housing and entertainment options.
- The Governor of the Public Investment Fund, Yasser Al-Rumayyan, said that this giant project reflects the interest and vision of the Crown Prince to strengthen the region in tourism and development, to be a global mountain tourist destination that competes with similar destinations, and constitutes a qualitative leap for the Kingdom and the region in general. Most Viewed : Saudi Crown Prince underwent a successful surgery - Royal Court
- Al Rumayyan highlighted that the launch of the Soudah Development Company comes as an declaration of the fund’s commitment in implementing the Crown Prince’s directives to invest at least 150 billion riyals annually in the local economy, increasingly until 2025, indicating that the fund aims to make local investments account for 80% of its investments In order to achieve economic diversification, achieve a positive impact on the local economy, in addition to contributing to investments with rewarding returns, the Fund's goals of achieving more than 7 trillion riyals in the value of assets under management in 2030.
- The company seeks to invest in the nature of the region and its advantages, represented by its high heights, diverse atmospheres and picturesque nature, as it includes the highest summit in the Kingdom with a height of more than 3000 meters above sea level, and a number of sites rich in heritage and culture, which give visitors the opportunity to explore its authentic culture and historical depth, and enable them to Experience multiple experiences, from adventure and sports to peace and relaxation. See Also : Saudization of Real estate sector jobs
- The launch of the company is in line with the investment strategy studied by the Public Investment Fund in achieving the goals of the Kingdom's Vision 2030, through the development of the tourism and entertainment sectors, as the company will contribute to increasing the gross domestic product cumulatively by 29 billion riyals, in partnership with investors and the public and private sectors, and creating 8,000 job opportunities. Direct and indirect by 2030.
- The company also aims to provide various residential and recreational options, by developing 2,700 hotel rooms and 1,300 housing units, in addition to developing the commercial and entertainment sectors with more than 30 qualitative projects, and raising the quality of services provided in the project area by investing in infrastructure development by more than 20. A project with a value exceeding 3 billion riyals, with the aim of attracting 2 million local and international visitors annually by 2030. The company is also responsible for creating a regulatory framework aimed at preserving the environment and cultural and human heritage, developing “urban code systems”, removing visual pollution and attracting investments. Recommend : Saudi Arabia now allows its Citizen with foreigner spouses to travel directly through ports
- The Soudah Development Company is a limited joint stock company wholly owned by the Public Investment Fund, and aims to develop al-Soudah, parts of the Rijal Al-Ma 'Governorate, to be a global mountain tourist destination, in the Asir region in the Kingdom of Saudi Arabia reports Al Arabiya.
