Saudi wealth fund commits $3bn to build mega mountain resort project, Soudah

Saudi wealth fund commits $3bn to build mega mountain resort project, Soudah

Saudi Arabia's sovereign wealth fund will invest almost $3bn on a tourism project in a mountainous region near the kingdom's border with Yemen.

The Public Investment Fund will provide SAR11bn to Soudah Development, which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia, according to Husameddin AlMadani, Soudah's chief executive officer.

SDC to collaborate with the private sector to enhance tourism infrastructure with 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions by 2030.#SoudahDevco#SPAGOV pic.twitter.com/fsrJfFQGHw

“” SPAENG (@Spa_Eng) February 24, 2021

The kingdom has been largely shut off to foreign tourists for decades, while citizens preferred to go on holiday abroad. That's changed with the rise of Crown Prince Mohammed Bin Salman, who's trying to open up the country and diversify the economy from oil.

"Many of us living in Saudi Arabia didn't know this destination existed,“ AlMadani said in an interview. "I lived in Riyadh for thirty years before I knew that I could take an hour flight and see this beautiful place.“

Image courtesy: Saudi Press Agency [/caption]

Encouraging Saudis to spend more domestically by developing entertainment and tourism sites is a key part of Prince Mohammed's plans.