Dubai, United Arab Emirates (CNN) – Saudi Crown Prince Mohammed bin Salman bin Abdulaziz has announced the launch of a development company with investments expected to exceed $ 2.9 billion.
Al Soudah, which is wholly owned by the Saudi Public Investment Fund, aims to invest in infrastructure in the Asir region and develop the tourism and entertainment sectors, according to the Saudi Media Agency.
According to the statement, the company is set to “develop the project area, which includes Al-Souda and parts of Rijal Al-Ma`a governorate, to become a luxurious mountainous tourist destination distinguished by its authentic culture, unique heritage and charming nature, and to provide various residential and entertainment options.”
The Governor of the Public Investment Fund, Yasser bin Othman Al-Rumayyan, said that the gigantic project aspires to revitalize the region in terms of tourism and development, to be a global mountain tourist destination, “competing with similar destinations, and constituting a qualitative leap for the Kingdom and the region in general.”
Al-Rumayyan also added that the launch of the Souda Development Company comes as an affirmation of the fund’s commitment to implementing the directives of the Saudi Crown Prince “to invest no less than 150 billion riyals annually in the local economy, increasingly until 2025,” indicating that the fund aspires to make local investments account for 80 % Of its investments, with the aim of achieving economic diversification and a positive impact on the local economy.
The company is set to develop 2,700 hotel rooms and 1,300 residential units, in addition to developing the commercial and entertainment sectors with more than 30 projects.