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
Reply Expands Prebuilt AI Apps With New Production-Ready Applications to Accelerate Enterprise AI Adoption28.5.2026 10:00:00 CEST | Press release
Reply[EXM, STAR: REY] today released a new set of Prebuilt AI Apps: ready-to-use agentic applications designed to drive efficiency and business growth by accelerating the integration of AI into enterprise processes. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260528283268/en/ Prebuilt AI Apps are ready-to-use agentic applications designed to accelerate the integration of AI into enterprise processes, driving efficiency and supporting business growth. In developing the Prebuilt AI Apps, Reply has identified key areas within enterprise processes where AI can create tangible operational value and turned them intoreusable assets, combining deep process knowledge, curated datasets, domain ontologies and reusable agentic flows in robust, secure and production-ready solutions. Each application can be further customised and extended through integration with enterprise systems, internal data and knowledge bases, while maintaining
Klarna Partners With Arrive for Parking in 15 Markets28.5.2026 09:56:00 CEST | Press release
Klarna, the global digital bank and flexible payments provider, has partnered with Arrive, a leading global mobility platform, to bring seamless and flexible payment options to millions of consumers across 15 markets. Through the partnership, drivers will be able to pay for parking using Klarna’s Pay in Full, which will be available directly in Arrive’s EasyPark app, ensuring payments can be made instantly. This provides consumers with more flexibility and control over their everyday spending, and builds on Klarna's growing presence in everyday spending and saving, where consumers increasingly use Klarna for recurring, low-friction purchases alongside savings products like Klarna Balance. Arrive, formerly EasyPark Group, operates one of the world’s largest digital parking networks, facilitating high frequency payments across millions of spots in more than 20,000 cities and 90 countries. By providing the digital infrastructure that helps individuals and decision-makers make smarter urba
Navan Unlocks Savings for Travelers with First SAS NDC Direct Connect28.5.2026 09:01:00 CEST | Press release
Direct connection gives travelers access to lower fares and streamlined post-booking services Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced a New Distribution Capability (NDC) integration with Scandinavian Airlines (SAS). By allowing the airline to share its fares, availability, and offers directly in real time, the integration provides an expanded portfolio of SAS fares and services to Navan customers. This makes Navan the first Travel Management Company (TMC) to access SAS NDC content via a direct connection, leveraging version 21.3 of the NDC API. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260528812727/en/ Direct connection gives travelers access to lower fares and streamlined post-booking services “Our Modern Airline Retailing journey is centered on delivering more relevant offers, greater transparency, and better value for travelers,” said Edward Fotheringham, VP S
KKR to Open New Office in Milan, Strengthening Long-Term Commitment to Italy28.5.2026 09:00:00 CEST | Press release
New office reflects KKR’s localisation strategy and opportunity in Italy’s evolving investment landscape KKR, a leading global investment firm, today announced plans to open an office in Milan, further strengthening its long-term commitment to Italy and expanding its local presence in one of Europe’s largest economies. The office will support the firm’s investment activity across Private Equity, Real Assets, Credit and Insurance, while deepening client partnerships and advancing the continued development of KKR’s private wealth business in Italy. Italy has been an important market for KKR for over two decades, with over €10 billion of capital deployed since 2005 across Private Equity, Real Assets and Credit. The firm’s investments include FiberCop, Europe’s first wholesale-only, open-access fibre network, Enilive, a key player in advancing Italy’s energy transition, and CMC, a sustainable packaging leader using robotics to drive innovation. These investments reflect KKR’s focus on part
Merz Therapeutics Presents New Research at World Parkinson Congress 2026, Revealing the Hidden Burden of "OFF" Episodes in Parkinson’s Disease28.5.2026 09:00:00 CEST | Press release
A new qualitative literature review provides a comprehensive model of the patient experience of OFF episodes, identifying 132 distinct motor, non-motor and quality-of-life impacts1 The research highlights OFF episode as a complex, multifaceted experience, highlighting the profound and often invisible struggles faced by people with Parkinson’s disease1 Additional analyses of levodopa inhalation powder (INBRIJA®) confirm its clinical profile as a rapid, reliable and well-tolerated on-demand treatment for OFF episodes2,3 Merz Therapeutics, a leading player in neurology-focused specialty pharma, today announced the presentation of new research at the World Parkinson Congress (WPC) 2026 that uncovers the multifaceted burden of "OFF" episodes in Parkinson's disease (PD). The qualitative literature review demonstrates that these episodes are not only a re-emergence of motor symptoms, but also a complex mix of debilitating motor and non-motor symptoms that impact the lives of people with Parki
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