Soudah Development completes project masterplan, construction to start in Q1 2022: CEO

Soudah Development CEO Husameddin AlMadani

Soudah Development Co. (SDC) completed the development project masterplan, with details expected to be disclosed in early Q1 2022, CNBC Arabia reported, citing the company’s Chief Executive Officer (CEO) Husameddin AlMadani.   

The masterplan defines the planned developments, including infrastructure, utilities and heritage sites that will be renovated within the project.   

AlMadani indicated that the company launched groundworks on the project sites, expecting construction to start in Q1 2022.   

Soudah’s investment strategy will be announced soon, he said, adding it features an open invitation for local and foreign investors to participate in the design as well as the execution of the infrastructure, residential and entertainment projects.   

Soudah is keen to update investors about available investment information in the region, he noted.   

The Public Investment Fund (PIF), in cooperation with the Ministry of Investment, is committed to fully financing the project and empowering investors through partnerships, AlMadani noted, affirming that that a great focus is given to suppliers and local content.

The company will invite bids for a number of infrastructure projects and energy contracts by year-end, and then issue tenders to build residential units or resorts in certain areas, AlMadani indicated.