HRH Prince Mohammed bin Salman Announces Soudah Development Company (SDC)
24.2.2021 21:00:00 EET | 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/
HRH Prince Mohammed bin Salman announces Soudah Development Company (SDC) (Photo: AETOSWire)
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
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005860/en/
Contact information
Ahmad S. Nabelsi
ANabelsi@Alsoudah.sa
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
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
Grand Prix ACF AutoTech 2026 Unveils Its Six Finalist Startups10.2.2026 20:31:00 EET | Press release
The jury of the Grand Prix ACF AutoTech 2026, which met on February 9 at the Automobile Club de France, has selected six finalist startups following several hours of deliberation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260210456562/en/ Jury members The selected companies stand out for their technological ambition, economic viability and tangible impact on automotive cost reduction and industrial performance. Key themes this year include AI-assisted engineering design, strategic independence from critical materials, and advanced LiDAR optimization. Finalist startups include: Grand Prix ACF (Mature startups) - Altrove (Paris, France): Develops innovative alternatives to high-risk critical inorganic materials using a proprietary algorithmic approach and unique artificial intelligence, strengthening industrial resilience and technological sovereignty. - Cognitive Design Systems (Toulouse, France): Provides an AI-powered
Second to None in Business Excellence: Mary Kay Named #2 on the Forbes 2026 Best Customer Service List10.2.2026 18:01:00 EET | Press release
Mary Kay Inc., a global direct sales leader in beauty and skincare innovation, entered 2026 with momentum, securing a top-tier distinction on Forbes’ 2026 Best Customer Service list, where the company ranked #2 overall. The honor follows a standout year for Mary Kay, which concluded 2025 with a total of 25 global awards, underscoring its continued focus on corporate excellence, direct selling industry, social impact, environmental sustainability, science, and innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260210599426/en/ Mary Kay Inc., a global direct sales leader in beauty and skincare innovation, entered 2026 with momentum, securing a top-tier distinction on Forbes’ 2026 Best Customer Service list, where the company ranked #2 overall. (Image Courtesy: Mary Kay Inc.) The recent recognition highlights Mary Kay’s enduring commitment to putting the customer at the heart of everything it does, from seamless digital
Interactive Brokers Expands Crypto Futures Offering with Coinbase Derivatives10.2.2026 17:15:00 EET | Press release
Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the launch of Coinbase Derivatives, LLC nano Bitcoin and nano Ether futures contracts for trading on the IBKR platform. These new products are available with monthly expirations or as perpetual-style contracts, offering eligible clients a cost-effective way to gain exposure to cryptocurrency and manage risk within a regulated framework, with trading available 24/7. Clients of Interactive Brokers can access more than 170 markets worldwide and trade both traditional instruments and digital assets from a single platform. The new Coinbase Derivatives contracts offer an easier way to manage cryptocurrency exposure, with lower capital requirements and transparent trading on a regulated exchange. Nano futures are smaller-sized contracts, such as 0.01 Bitcoin and 0.10 Ether, that lower entry costs and allow for more precise position sizing. Perpetual-style futures are long-dated contracts that are design
Andersen Consulting Adds Lighthouse Consultants10.2.2026 16:30:00 EET | Press release
Andersen Consulting enters a Collaboration Agreement with Lighthouse Consultants, a London-based consulting firm specializing in forensic accounting and financial investigations. Founded by Managing Director Kingsley Bye, Lighthouse Consultants provides services including fraud and financial crime investigations, bribery and corruption inquiries, litigation and insurance claims analysis, financial analysis, risk assessments, internal and compliance reviews, and sustainability audits. The firm’s team of experienced chartered management accountants works with law firms, high-net-worth individuals, businesses, and charities to resolve complex disputes, mitigate risks, and enhance transparency across financial and operational processes. "By integrating our forensic and investigative expertise with Andersen’s global platform, we can deliver a more comprehensive suite of services that addresses clients’ needs from risk prevention to complex dispute resolution,” Kingsley said. “This collabora
Draslovka and Avathon Partner to Deliver AI-Powered Solutions for Mining Through Autonomy, MetOptima and Blue Cube Combined Offering10.2.2026 16:00:00 EET | Press release
Draslovka a.s. (“Draslovka”), a global innovator in sustainable chemical technologies and AI‑enabled services for the mining sector, and Avathon, the leader in Autonomy for Operations, today announced a strategic commercial partnership to accelerate the adoption of intelligent, autonomous, and data‑driven operations across the global mining industry. The partnership provides a breakthrough solution that combines Draslovka’s real‑time mineral and slurry monitoring technologies—delivered through its world class Blue Cube on‑stream mineralogical sensors—and MetOptima advanced metallurgical optimization AI engine, with the Avathon Autonomy Platform, a scalable industrial‑AI environment that enhances operational performance, automating decisions, and orchestrating complex operations across sites. Under the agreement, Draslovka and Avathon will collaborate closely on go-to-market initiatives, jointly commercializing and cross‑selling the combined offering. The combined Draslovka‑Avathon offe
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