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
QAD | Redzone Brings the Future of Agentic AI in Manufacturing to Hannover Messe 202620.4.2026 08:00:00 CEST | Press release
The company will showcase how agentic AI is driving real-time execution so manufacturers can operate faster, adapt continuously and deliver measurable business outcomes. QAD | Redzone, the company redefining manufacturing and supply chains through intelligent, adaptive solutions, will showcase its AI-powered manufacturing platform that empowers the entire workforce, from the top floor to the shop floor, at Hannover Messe 2026, taking place April 20-24 in Hannover, Germany. At this year’s event, QAD | Redzone will show how manufacturing is entering a new phase where AI turns traditional systems of record into systems of action, empowering manufacturers to move from fragmented systems and delayed decisions to real-time, coordinated execution across the business. “Manufacturers don’t have a data problem, they have an execution problem,” said Sanjay Brahmawar, CEO at QAD | Redzone. “With agentic AI, we can create unprecedented visibility, but the value will only be realized when that intel
SymphonyAI Launches Eight AI Applications Purpose-Built for Energy Asset Reliability and Operational Performance20.4.2026 07:09:00 CEST | Press release
Eight AI applications engineered for asset reliability, operational performance, and emissions obligations SymphonyAI, a global leader in Vertical AI platforms, today announced eight new industrial AI applications purpose-built for energy operators, marking the most targeted expansion of IRIS Foundry into the energy sector to date. Unlike generic asset management software, these applications are engineered around the specific failure modes, process dynamics, and regulatory obligations of energy and resources operations — compressor surge, heat exchanger fouling, pipeline integrity degradation, refinery unit yield loss, and the growing compliance burden of EU methane regulation and emissions reporting. By combining SymphonyAI’s deep industrial ontology with IRIS Foundry’s ability to unify IT, OT, and IoT data from historians, SCADA systems, inspection databases, and enterprise platforms into a single governed intelligence layer, the new suite delivers causal AI at the point where energy
Petronor and H2SITE Partner to Pioneer High-Purity Hydrogen Production in Refining Through Advanced Membrane Technology20.4.2026 07:00:00 CEST | Press release
H2SITE, a technology company specialised in advanced hydrogen production and separation solutions, has signed a strategic agreement with Petronor, a leading refinery and key industrial player in the energy sector with a clear commitment to achieving net-zero emissions, to deploy its high-efficiency hydrogen separation technology at Petronor’s refinery. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260419792308/en/ The partnership sets the stage for the joint development of a pioneering First-of-a-Kind (FOAK) unit, integrating H2SITE’s proprietary membrane technology into the Steam Methane Reforming (SMR) process in refineries to improve overall plant efficiency, enhance CO₂ capture opportunities, and ultimately strengthen operational performance and industrial competitiveness. Petronor’s engineering and operations teams are joining forces with H2SITE’s technical experts, leveraging decades of refinery expertise, industrial
SBC Medical Announces Pricing of Secondary Public Offering of 3.1 Million Shares of Common Stock20.4.2026 01:07:00 CEST | Press release
SBC Medical Group Holdings Incorporated (Nasdaq: SBC) (“the Company”), a Management Service Organization operating a wide range of franchise businesses across diverse medical fields, today announced the pricing of the underwritten secondary public offering of 3,100,000 shares of the Company’s common stock by Dr. Yoshiyuki Aikawa (the “Selling Stockholder”) at the public offering price of $3.25 per share. Additionally, the Selling Stockholder has granted the underwriters a 45-day option to purchase up to an additional 465,000 shares of the Company’s common stock. The offering is expected to close on or about April 21, 2026, subject to customary closing conditions. The Company is not selling any shares of its common stock in the offering. The Selling Stockholder will receive all of the proceeds from the offering. Maxim Group LLC is acting as the sole book-running manager and Roth Capital Partners is acting as the co-manager for the offering. The offering is being made pursuant to the Com
Horse Powertrain Reveals X-Range C15 Direct Drive Powertrain for Hybridizing BEV Platforms20.4.2026 01:01:00 CEST | Press release
Horse Powertrain, a global leader in innovative and low-emission powertrain systems, will unveil a new ‘all-in-one’ powertrain at Beijing Auto Show 2026: the X-Range C15 Direct Drive. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260419640202/en/ Left-facing view of the HORSE X-Range C15 Direct Drive The ultra-compact X-Range C15 Direct Drive integrates a full hybrid powertrain – including a 4-cylinder engine, transmission, power electronics, and an electric motor – into a single compact unit with a shared housing, designed to mount to the rear subframe enabling a double isolated installation for best NVH. The X-Range C15 Direct Drive is designed as an ‘all-in-one’ powertrain to replace the rear electric drive unit of an existing BEV platform. It enables an automaker to use a single shared platform for their BEV, HEV, PHEV, and REEV lineups without any significant changes to vehicle design or production environments. The ne
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