Saudi Crown Prince launches Soudah Development Company with SR11bn investment

Saudi Crown Prince launches Soudah Development Company with SR11bn investment

RIYADH — Saudi Arabia's Crown Prince Mohammed Bin Salman, who is also the chairman of the Public Investment Fund (PIF), launched on Wednesday the Soudah Development Company in the Asir region of the Kingdom, Saudi Press Agency (SPA) reported.The new entity, fully owned by the PIF, 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.Launched to be a key driver of the Kingdom's Vision 2030 ambitions, 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 planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. The company 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 SR29 billion ($8 billion) to the Kingdom's cumulative GDP by 2030.The Soudah Development Company intends to partner and collaborate with