The Crown Prince of Saudi Arabia Mohammed Bin Salman launched on Wednesday the Soudah Development Company in the Asir region of the Kingdom as part of the country’s Vision 2030 plans, as local Saudi media reported.
The Crown Prince is the chairman of the Public Investment Fund (PIF) which fully owns the new entity and it notes the company will lead the development of a luxury mountain destination with immersive cultural experiences and celebration of the natural assets empowering the local and national economies.
The company will infuse SR11 billion ($3 billion) into infrastructure and tourism projects, aimed at enhancing the visitor experience in Soudah and parts of Rijal Alma’a governorate.
The developments in line with the company’s plan include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions.
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The company aims to develop Soudah and Rijal Alma’a into sustainable destinations for residents and visitors that will likely contribute an estimate of $8 billion to the Kingdom’s cumulative GDP by 2030.
It is also forecasting to create 8,000 direct and indirect permanent jobs by 2030.
The PIF will administer some $40 billion annually into the local economy as it aims to grow assets under management to over $2 trillion by the year 2030.
