His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF) has launched Soudah Development Company (SDC) in the Asir region in Saudi Arabia.
The new entity, fully owned by the Public Investment Fund (PIF), will lead the development of a luxury mountain destination with immersive cultural experiences that celebrate the natural environment and empower local and national economies.
Launched to be a key driver of the kingdom’s Vision 2030 ambitions, SDC will pump USD 3 billion into infrastructure and tourism projects that aim to enhance the visitor experience in Soudah and parts of Rijal Alma’a Governorate in the Asir region of Saudi Arabia.
The planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions.
SDC aims to develop the project area into a repeat, year-long sustainable destination for residents and visitors, contributing an estimated USD 8 billion to the kingdom’s cumulative GDP by 2030.
SDC intends to partner with the local community and investors to build a robust and diverse network of offerings across the hospitality, residential, commercial and entertainment sectors. The goal is to attract over two million visitors annually and create 8,000 direct and indirect permanent jobs by 2030.
The Public Investment Fund (PIF) will inject at least USD 40 billion a year into the local economy and aims to grow assets under management to over USD 2 trillion by 2030.
The destination adds another dimension to Saudi Arabia’s ambitious tourism goals and complements destinations being created on the Red Sea coast and around the capital city of Riyadh.
SDC’s mission is to create a roadmap to transform the region’s vast public areas to highlight its distinct culture, geography and its verdant nature. Preserving the environmental integrity of the destination will be a priority and the development will follow a rigorous regulatory framework and urban planning code.