Crown Prince launches Soudah Development with expected investments of over SAR 11 bln

Crown Prince Mohammed bin Salman 

Saudi Arabia’s Crown Prince, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF), Mohammed bin Salman, launched Soudah Development Co. (SDC) in Aseer region, with expected investments of over SAR 11 billion in infrastructure and tourism projects. 

The company, a fully-owned subsidiary of the PIF, aims to invest in infrastructure, as well as the tourism and entertainment sectors through the development of the project area, which includes Soudah and other parts of Rijal Almaa governorate.  

Yasir Al-Rumayyan, Governor for the PIF, said that this mega project reflects the Crown Prince’s focus on promoting this region to be a world-class tourism destination.

The SDC launch affirms the fund’s commitment to the directives of the Crown Prince to invest no less than SAR 150 billion annually in the local economy until 2025.

Launched to be a key driver of the Kingdom’s Vision 2030 ambitions, SDC will contribute SAR 29 billion to the Kingdom’s cumulative GDP in partnership with the public and private sectors, and will also provide 8,000 direct and indirect jobs by 2030.

SDC’s planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. The company also aims to improve the quality of services in the project area, through investing in more than 20 projects worth over SAR 3 billion to develop infrastructure and attract 2 million local and foreign visitors annually by 2030.