Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, announced the launch of the Souda Development Company in the Asir region with expected investments of more than 11 billion riyals, and the company, wholly owned by the Public Investment Fund, aims to invest in the infrastructure. Infrastructure and development of the tourism and entertainment sectors, by working to develop the project area, which includes Al-Souda and parts of Rijal Al-Ma`a governorate, to become a luxury mountain tourist destination characterized by its authentic culture, unique heritage and charming nature, and providing various residential and entertainment options.

On this occasion, the Governor of the Public Investment Fund, Yasser bin Othman Al-Rumayyan, said, “This gigantic project reflects the interest and vision of His Highness the Crown Prince - may God protect him - to revitalize the region in tourism and development, to be a global mountain tourist destination that competes with similar destinations, and constitutes a qualitative leap for the Kingdom and the region in general. The launch of the Soda Development Company comes as an affirmation of the fund’s commitment to implementing the directives of His Highness the Crown Prince to invest no less than 150 billion riyals annually in the local economy, increasingly until 2025, indicating that the fund aspires for local investments to account for 80% of its investments, in order to achieve diversification. Economic, and achieve a positive impact on the local economy, in addition to contributing to investments with remunerative returns, achieving the fund’s goals represented by the volume of assets under management reaching more than 7 trillion riyals in 2030.

And according to the Public Investment Fund:

The company seeks to invest in the nature of the region and its advantages, represented by its high heights, diverse atmospheres and picturesque nature, as it includes the highest summit in the Kingdom at a height of 3000 meters above sea level, and a number of sites rich in heritage and culture, which give visitors the opportunity to explore its authentic culture and its historical depth, and enable them to live experiences A multitude of adventure and sports to serenity and recreation. The launch of the company is in line with the investment strategy pursued by the Public Investment Fund in achieving the goals of the Kingdom's Vision 2030, through the development of the tourism and entertainment sectors, as the company will contribute to increasing the gross domestic product cumulatively by 29 billion riyals, in partnership with investors and the public and private sectors, and creating 8,000 job opportunities. Direct and indirect by 2030. The company also aims to provide various residential and entertainment options, by developing 2,700 hotel rooms and 1,300 housing units, in addition to developing the commercial and entertainment sectors with more than 30 quality projects, and raising the quality of services provided in the project area through investment. In developing the infrastructure with more than 20 projects worth more than 3 billion riyals, with the aim of attracting two million local and international visitors annually by 2030. The company is also responsible for creating a regulatory framework aimed at preserving the environment and the cultural and human heritage, developing “urban code systems”, and removing Visual pollution and investment attraction.

Al Soudah Development Company is a limited joint stock company wholly owned by the Public Investment Fund, and aims to develop Al Soudah, parts of the Rijal Almaa Governorate, to be a global mountain tourism destination, in Asir region in the Kingdom of Saudi Arabia. His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, announced the launch of the company on February 24, 2021, with an investment of 11 billion riyals, to undertake the task of developing the infrastructure and implementing a number One of the construction projects and tourist and entertainment attractions, with a commitment to preserving the environment, paying attention to culture, highlighting the authentic local heritage, and creating a destination that has a high appeal at the local and international levels, to attract two million visitors annually by 2030, and for more information?

You can visit the site and follow the account of Al Soudah Development Company @Soudahdevco on the social media channels: Twitter, Instagram, LinkedIn and Facebook. Or contact press@soudah.sa.

The Public Investment Fund is one of the largest and most influential sovereign wealth funds in the world. The fund plays a pioneering role in advancing the Saudi economic transformation and diversifying it, and it also contributes to shaping the features of the global economic future. The fund works to build a diversified portfolio by entering into attractive and long-term investment opportunities in various entrepreneurial sectors within the Kingdom and at the global level.

The fund’s strategy, according to the Public Investment Fund Program 2021-2025 - one of the programs to achieve the Kingdom’s 2030 vision - aims to empower many promising sectors and contribute to increasing local content by creating partnerships with the private sector, as well as transferring technologies and localizing knowledge to build a prosperous and sustainable economy in the Kingdom. . As the investment arm of the Kingdom of Saudi Arabia, the Fund has worked to enter into distinct investments and build alliances and strategic partnerships with many prestigious international institutions and bodies, which contribute to realizing long-term real value for the Kingdom in line with the goals of Vision 2030.

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Al Souda Development Company

Fund investments