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Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, inaugurated the process of launching the Souda Development Company in the Asir region, with investments expected more than 11 billion riyals.
The major new venture, 100% owned by the Public Investment Fund, aims to invest in infrastructure and development of the tourism and entertainment sectors, working on the development of the project area, which includes Al-Souda and parts of Rijal Al-Ma ‘a governorate, to become a luxury mountain tourist destination characterized by its authentic culture, unique heritage and charming nature. Various accommodation and entertainment options.
In turn, the Governor of the Public Investment Fund, Yasser Al-Rumayyan, said that this gigantic project reflects the interest and vision of the Crown Prince to revitalize the region in tourism and development, to be a destination world mountain tourism, in competition with destinations, and constituting a qualitative leap for the Kingdom and the region in general.
Al-Rumayyan pointed out that the launch of the Souda Development Company comes as an affirmation of the fund’s commitment to implement the directives of the crown prince to invest no less than 150 billion riyals per year in the local economy, increasingly until 2025, indicating that the fund aspires to ensure that local investments represent 80% of its investments. In order to achieve economic diversification, obtain a positive impact on the local economy, in addition to contributing to investments with profitable returns, the Fund’s objectives being represented by the volume of assets under management amounting to more than 7 trillions of riyals 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 peak in the Kingdom with a height of over 3000 meters above from 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 allow them to have multiple experiences, adventure and from sport to serenity and relaxation.
The launch of the company is part of the investment strategy pursued by the Public Investment Fund to achieve the objectives of the Kingdom’s Vision 2030, through the development of the tourism and entertainment sectors, because the company will contribute to increase the gross domestic product cumulatively. of 29 billion riyals, in partnership with investors and the public and private sectors, and creation of 8,000 direct and indirect jobs by 2030.
So the Asir mountains painted the beauty of nature
The company also aims to offer various residential and recreational options, 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 improving the quality of services provided in the area. project area by investing in infrastructure development by more than 20 A project worth more than 3 billion riyals, with the objective 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 culture and human heritage, by developing “urban code systems”, removing visual pollution and attracting investment.
It is worth noting that the Soda Development Company is a limited liability company 100% owned by the Public Investment Fund and aims to develop al-Soudah, part of Rijal Al-Ma ‘governorate, to become a destination world mountain tourist, in the Asir Region in the Kingdom of Saudi Arabia.
2 photos
Historic houses on the mountains
Historic houses on the mountains
Towering mountains
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