Saudi Arabia launches Soudah Development Company that will lead a $3 bln project

Saudi Arabia launches Soudah Development Company that will lead a $3 bln project

Saudi Arabia's Crown Prince Mohammed bin Salman has announced the launch of Soudah Development Company (SDC) in the Asir region that will lead the development of a luxury mountain destination and will infuse $3 billion (SAR 11 billion) into infrastructure and tourism projects, according to a statement.

The statement added that the new entity is fully owned by the Public Investment Fund (PIF).

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"SDC has been launched to be a key driver of the Kingdom's Vision 2030 ambitions, SDC will infuse USD 3 billion (SAR 11 billion) into infrastructure and tourism projects, aimed at enhancing the visitor experience in Soudah and parts of Rijal Alma'a Governorate,“ the press release added.

The statement added that the planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. SDC aims to develop Soudah and Rijal Alma'a into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimate of USD 8 billion (SAR 29 billion) to the Kingdom's cumulative GDP by 2030.

SDC intends to partner and collaborate with the local community and private sector to build a robust and diverse network of yearlong