His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, announced the launch of the Soda Development Company in the Asir region with expected investments of more than SR 11 billion.
The company aims to invest in infrastructure and develop the tourism and entertainment sectors, by working on developing the project area, which includes Al-Souda and parts of Rijal Al-Ma`a governorate.
It also aims to become a luxury mountain tourist destination characterized by its authentic culture, unique heritage and charming nature, and providing various residential and entertainment options.
On this occasion, the Governor of the Public Investment Fund, Mr. Yasser bin Othman Al-Rumayyan, said that this gigantic project reflects the interest and vision of His Highness the Crown Prince to revitalize the region in tourism and development, to become a global mountain tourist destination that competes with similar destinations, and constitutes a qualitative leap for the Kingdom and the region generally.
He indicated that the fund aspires to make local investments account for 80% of its investments, in order to achieve economic diversification, and to achieve a positive impact on the local economy.
In addition to contributing to investments with remunerative returns, achieving the fund’s objectives represented by the volume of assets under management reaching more than SR 7 trillion in 2030.
The company seeks to invest in the nature of the region and its advantages, represented by its high heights, diverse atmospheres and picturesque nature, as it includes the highest peak in the Kingdom with a height of more than 3,000 meters above sea level, and a number of sites rich in heritage and culture.
The launch of the company is in line with the investment strategy pursued by the Public Investment Fund in achieving the goals of the Kingdom’s Vision 2030, through the development of the tourism and entertainment sectors.
The company will contribute to increasing the gross domestic product cumulatively by SR 29 billion, in partnership with investors and the public and private sectors, and creating 8,000 direct and indirect job opportunities by 2030.
The company also aims to provide various residential and recreational options, by developing 2,700 hotel rooms and 1,300 housing units, in addition to developing the commercial and entertainment sectors with more than 30 qualitative projects, and raising the quality of services provided in the project area by investing in infrastructure development by more than 20 A project with a value exceeding SR 3 billion, with the aim of attracting two million local and international visitors annually by 2030.