SOUDAH-DEVELOPMENT
24.2.2021 19:02:05 CET | Business Wire | Press release
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF), has announced the launch of Soudah Development Company (SDC) in the Asir region in Saudi Arabia. The new entity, fully owned by the Public Investment Fund (PIF), will lead the development of a luxury mountain destination with immersive cultural experiences and celebration of the natural assets empowering the local and national economies.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210224005860/en/
Launched to be a key driver of the Kingdom’s Vision 2030 ambitions, SDC will infuse USD 3 billion into infrastructure and tourism projects, aimed at enhancing the visitor experience in Soudah and parts of Rijal Alma'a Governorate in the Asir region of Saudi Arabia. The planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. SDC aims to develop the project area into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimate of USD 8 billion to the Kingdom’s cumulative GDP by 2030. SDC intends to partner with the local community and investors to build a robust and diverse network of offerings across the hospitality, residential, commercial and entertainment sectors. It aims to attract over 2 million visitors annually and create 8,000 direct and indirect permanent jobs by 2030.
HE Yasir Othman Al-Rumayyan, Governor for the Public Investment Fund, said: “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. Through careful and considerate development, (SDC) will provide yet another remarkable destination in the diverse and growing portfolio of Saudi Arabia’s experiences capturing the imagination of a broad range of investors and travelers.” The Public Investment Fund (PIF) will inject at least USD 40 billion a year into the local economy and aims to grow assets under management to over USD 2 trillion by 2030.
The destination adds another dimension to Saudi Arabia’s ambitious tourism goals and complements destinations being created on the Red Sea coast and around the capital city of Riyadh.
SDC aims to create a roadmap to transform the region’s vast public areas to highlight the region’s distinct culture, geography and its verdant nature. Preserving the environmental integrity of the destination will be a priority and the development will follow a rigorous regulatory framework and urban planning code.
For more information, visit the PIF and SDC website
For any media queries, please reach out to our communications team on press@soudah.sa
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005860/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Uniswap Labs and Securitize Collaborate to Unlock Liquidity Options for BlackRock’s BUIDL11.2.2026 15:00:00 CET | Press release
New integration pairs the efficiencies of Uniswap’s technology with the familiarity of traditional markets, enables near instant liquidity between BUIDL and USDC for investors Uniswap Labs, the leader in decentralized finance, and Securitize, the leader in tokenizing real-world assets (RWAs), today announced a strategic integration to make BlackRock USD Institutional Digital Liquidity Fund (BUIDL) shares available to trade via UniswapX technology. This integration will enable onchain trading of BUIDL, both unlocking new liquidity options for BUIDL holders, and marking a significant step in bridging the gap between traditional finance and DeFi. “Our mission at Labs is simple: make exchanging value cheaper, faster and more accessible,” said Hayden Adams, Uniswap Labs Founder and CEO. “Enabling BUIDL on UniswapX with BlackRock and Securitize supercharges our mission by creating efficient markets, better liquidity, and faster settlement. I’m excited to see what we build together.” Securiti
Calvin McDonald Joins The Wella Company as CEO11.2.2026 14:30:00 CET | Press release
--Industry Veteran with Track Record of Scaling Global Brands----Proven Leadership Driving Market Share and Profitable Growth-- The Wella Company, an innovative global beauty leader, today announced that Calvin McDonald has been chosen as the company’s next Chief Executive Officer, effective April 2, 2026. Calvin will also be appointed to the company’s Board of Directors and will be based in New York. Glenn Murphy will remain as Executive Chair to provide continuity as well as strategic advice to the new CEO and the leadership team. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260210093439/en/ Calvin McDonald “We are delighted to welcome Calvin to The Wella Company,” said Glenn Murphy, Executive Chair. “As a three-time CEO, he brings decades of experience at industry-leading global consumer brands and retail businesses. Calvin’s proven ability to drive results through product differentiation, category expansion, and smart
Corpay Cross-Border Extends Exclusive Partnership with LIV Golf11.2.2026 14:30:00 CET | Press release
Corpay will continue to provide LIV Golf access to innovative global payments and comprehensive currency risk management solutions Corpay, Inc.* (NYSE: CPAY), a global leader in corporate payments, today announced that its Cross-Border business has entered into a multi-year agreement to extend its successful and exclusive collaboration with LIV Golf, as its Official Corporate Foreign Exchange (FX) Provider. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211636852/en/ Since 2024, Corpay Cross-Border has delivered a range of corporate foreign exchange payment solutions to LIV Golf. With this multi-year extension, the League will continue to benefit from Corpay’s comprehensive currency risk management solutions and award-winning global payments platform. “Over the past two seasons, we’ve had the privilege of being the Official Corporate FX Provider for LIV Golf,” said Brad Loder, Chief Marketing Officer, Corpay Cross-Border
Energy Vault and Crusoe Announce Strategic Framework Agreement for Deployment of Crusoe Spark Modular AI Factory Units to DeliverCrusoe Cloud11.2.2026 14:30:00 CET | Press release
Multi-year framework enables rapid, phased deployments up to 25 MWbeginning in 2026, leveraging Energy Vault’s critical energy infrastructure capabilities and digital operating platform to deliver “powered shell” modular data center capacityFirst deployment planned at Energy Vault’s Snyder, Texas solar generation and energy storage technology centerto accelerate time-to-capacity for Crusoe CloudcustomersAgreement marks Energy Vault’s entry into the AI Infrastructure market, unlocking access to revenue-per-MW up to 20× higher than traditional BESS deployments, significantly accelerating Energy Vault’s EBITDA generation and scaling the Asset Vault platform Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a global leader in grid-scale energy storage solution infrastructure, and Crusoe, the industry’s first vertically-integrated AI infrastructure provider, today announced a strategic framework agreement for the phased deployment of Crusoe Spark modular data centers at Energy Vaul
INNIO Secures Additional Major Order from VoltaGrid: 1.5 GW for Behind-the-Meter Power Generation11.2.2026 14:00:00 CET | Press release
INNIO and VoltaGrid have signed an agreement to supply 1.5 gigawatts (GW) of behind-the-meter power generation infrastructure, including 300 Jenbacher gas engines The order comprises Jenbacher gas engines to support AI and high‑performance computing data centers INNIO Group today announced a major order from VoltaGrid for 1.5 gigawatts (GW), reinforcing the companies’ collaboration in behind‑the‑meter (on-site) power generation for AI and high‑performance computing infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211822384/en/ INNIO's Jenbacher J624 gas engine Under the agreement, INNIO expects to supply a total of 300 Jenbacher gas engines from its Type J624 and Type J620 series. The J624 series is integrated into VoltaGrid’s proprietary QPac™ platform. The engines are packaged into 25 MW units, enabling rapid, scalable deployment for data center customers across the United States. Delivery is scheduled by
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom