Saudi crown prince launches Soudah Development Company with investment of SR 11 billion

LONDON: Saudi Arabia’s Crown Prince Mohammed bin Salman launched on Wednesday the Soudah Development Company (SDC) in the Kingdom’s southwestern Asir region with an investment of $3 billion (11 billion riyals).
The multi billion investment in tourism infrastructure and attractions aims to create a world-class mountain destination in Asir and the SDC hopes to attract more than two million visitors a year, Saudi Press Agency (SPA) reported.
The company aims to create 8,000 permanent jobs by 2030 and will collaborate with the private sector to enhance the Kingdom’s tourism infrastructure with 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions by 2030.
The new company is fully owned by the Public Investment Fund (PIF) and will lead the development of a luxury mountain destination with immersive cultural experiences that celebrate the natural assets of the region.
The company will pump funds into infrastructure and tourism projects that aim to enhance the visitor experience in Al-Soudah and parts of the Rijal Alma governorate. 
SDC aims to develop Al-Soudah and Rijal Alma into a year round sustainable destination for residents and visitors that will contribute an estimated of $ 8 billion to the Kingdom’s cumulative GDP by 2030. 
“Our investment in the Asir region reflects our confidence in the character of the location, which is a rich amalgamation of identity, heritage and experience,” the PIF’s governor Yasir Al-Rumayyan said.
“Through careful and considerate development, SDC will provide yet another remarkable destination in the diverse and growing portfolio of Saudi Arabian experiences capturing the imagination of a broad range of investors and travelers,” he added.
The new tourist destination adds to Saudi Arabia’s ambitious tourism goals and complements other destinations being created on the Red Sea coast and around the capital city of Riyadh.