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
The LYCRA Company and Dukane Advance Ultrasonic Bonding for Nonwovens at INDEX™ 2615.5.2026 15:00:00 EEST | Press release
The LYCRA Company, a global leader in innovative and sustainable fiber solutions for the personal care industry, and Dukane, a manufacturer of ultrasonic bonding technologies for the hygiene and nonwovens market, are showcasing their latest co-developed advances in ultrasonic bonding at INDEX™ 26, taking place in Geneva, Switzerland, from May 19–22. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260515514441/en/ Join The LYCRA Company and Dukane at INDEX™ 26 in Geneva, as they showcase their latest advances in ultrasonic bonding for nonwovens, including new LYCRA FUSION™ fiber for personal care that delivers superior snapback. Since 2014, both companies have collaborated to advance ultrasonic bonding solutions that help diaper manufacturers improve product softness, fit, and performance while reducing energy consumption, material waste, and maintenance costs. Ultrasonic bonding creates bonded channels between two layers of n
Vecima to Highlight Next-Generation 50G-PON, DOCSIS® 4.0 vCMTS, AI & Automation, and Monetizable Streaming at ANGA COM 202615.5.2026 14:45:00 EEST | Press release
Vecima Networks Inc. (TSX: VCM) will highlight its leadership in next-generation broadband at ANGA COM 2026, showcasing AI-powered network operations, cloud-native DOCSIS® 4.0 access, and scalable fiber solutions. Anchored by the Entra® vCMTS platform, Automation, and All-PON™ innovations, Vecima is enabling operators to automate operations, improve reliability, and accelerate the evolution to converged cable and fiber networks. Delivering on Next-Generation PON With Entra All-PON™, Vecima is enabling future-ready fiber networks with a straightforward migration path from today’s 10G technologies to 50G-PON, ensuring long-term scalability and investment protection. The new Entra EPS1650 All-PON Shelf supports 50G-PON, XGS-PON, 10G-EPON, GPON, and EPON services. As a follow-on to Vecima's industry-first demonstration of a single port supporting 50G ITU PON and 10G-EPON in a Remote OLT, the EPS1650 brings that same single-port investment-protection path to GPON and XGS-PON operators in a
REPLY: The Board of Directors Approves the Quarterly Report Dated 31 March 202615.5.2026 14:38:00 EEST | Press release
Today, the Board of Directors of Reply S.p.A. [EXM, STAR: REY] approved the results as at 31 March 2026. Since the beginning of the year, the Group has recorded a consolidated revenues amounting to €645.0 million, an increase of 6.2% compared to the corresponding data for 2025. All indicators are positive for the period. In the first quarter of 2026 the consolidated EBITDA stood at €112.0 million compared to €105.3 million in 2025, equal to 17.4% of the turnover. EBIT, from January to March, was €95.1 million (€88.7 million in 2025) and is equal to 14.7% of the turnover. The profit before tax, from January to March, was €99.8 million (€86.9 million in 2025), equal to 15.5% of the turnover. The net financial position of the Group on 31 March 2026 is positive at €643 million. The net financial position on 31 December 2025 was positive for €467.6 million. “The results we have presented - said Mario Rizzante, Chairman of Reply - confirm the soundness of the path we have undertaken in recen
Organon to Present New Research on Access and Value at ISPOR 202615.5.2026 14:30:00 EEST | Press release
Organon (NYSE: OGN), a global healthcare company with a mission to deliver impactful medicines and solutions for a healthier every day, will present data across women’s health, biosimilars, dermatology, and neurology at ISPOR 2026, the leading global scientific conference hosted by the International Society for Pharmacoeconomics and Outcomes Research. The conference, focused on health economics and outcomes research, will take place May 17-20, 2026, in Philadelphia, Pennsylvania. Across 8 accepted abstracts, the data reflect Organon’s commitment to generating real-world evidence—rooted in lived experiences—that can help inform healthcare decision-making and improve health outcomes across a range of therapeutic areas. “Health economics and outcomes research is critical to ensuring the right treatments reach patients and that health systems can sustain this approach over time,” said Juan Camilo Arjona Ferreira, MD, Head of R&D and Chief Medical Officer at Organon. “At ISPOR 2026, Organon
SES Announces Extraordinary General Meeting of Shareholders15.5.2026 09:30:00 EEST | Press release
SES: Société Anonyme RCS Luxembourg B 81267 Notice is hereby given of the Extraordinary General Meeting of SES, Société Anonyme, to be held at the Company's registered office at Château de Betzdorf, L-6815 Betzdorf (the "Company"), Luxembourg, on Wednesday 17 June 2026 at 3:00 p.m. CET AGENDA Attendance list, quorum and adoption of the agenda Nomination of a secretary and of two scrutineers Cancellation of shares purchased in connection with the buy-back programme of 2 November 2023, as amended on 2 May 2024, in accordance therewith and pursuant thereto - Reduction of the share capital in accordance with article 450-5 of the law of 10 August 1915 on commercial companies, as amended, by forty-four million nine hundred ten thousand seven hundred eighty euro (EUR 44,910,780) through the cancellation of thirty-five million nine hundred and twenty-eight thousand six hundred and twenty-four (35,928,624) shares divided into (i) twenty-three million nine hundred and fifty-two thousand four hun
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