Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, is launching a new venture that will invest $3 billion in developing tourism and infrastructure projects in a mountainous area of the Asir region. The Soudah Development Company (SDC) will develop Soudah and Rijal Alma’a into a tourist destination for residents and visitors with the aim of contributing about $8bn to the kingdom’s gross domestic product by 2030, Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and chairman of the fund said in a statement. The planned developments include 2,700 hotel rooms, 1,300 residential units and 30 commercial… […] More
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