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
Visa Opens the Door to AI-Driven Shopping for Businesses Worldwide8.4.2026 19:00:00 EEST | Press release
Visa Inc. (NYSE: V) today unveiled Intelligent Commerce Connect, a new solution that makes it easier for businesses to connect to and participate in AI-powered commerce. Intelligent Commerce Connect acts as a network, protocol, and token vault-agnostic ‘on ramp’ to agentic commerce for agent builders, merchants, and enablers. As consumers increasingly rely on AI agents to make purchases, businesses – whether they are building agents, selling to them, or processing transactions – need a simple way to get started. Intelligent Commerce Connect, part of the Visa Intelligent Commerce portfolio, meets that need. Through a single integration via the Visa Acceptance Platform, Intelligent Commerce Connect enables secure payment initiation, tokenization, spend controls, and authentication. The solution integrates both Visa Intelligent Commerce APIs, which are used to process agent purchases using Visa cards, and other networks’ APIs, allowing agents to pay with both Visa and non-Visa cards*. Thi
Andersen Consulting Strengthens Digital Transformation Capabilities Through Kyanon Consulting Collaboration8.4.2026 16:30:00 EEST | Press release
Andersen Consulting enhances its platform through a Collaboration Agreement with Kyanon Consulting, a Vietnam-based technology consulting firm known for delivering large-scale digital transformation solutions. Founded in 2025, as an arm of Kyanon Digital, Kyanon Consulting provides end-to-end digital and technology services to retail, banking and finance, and manufacturing organizations seeking to modernize operations, improve customer engagement, and accelerate growth. The firm delivers solutions across digital strategy, enterprise and product development, system integration, workflow automation, advanced analytics, and AI-driven insights for customer experience. “At Kyanon Consulting, our mission is to create digital impact that truly matters,” said Tai Huynh, founder of Kyanon Consulting. “We equip clients with the tools, insights, and innovation needed to strengthen resilience and unlock new opportunities. Collaborating with Andersen Consulting allows us to bring our capabilities t
Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield Complete the Acquisition of Air Lease Corporation8.4.2026 16:13:00 EEST | Press release
Sumitomo Corporation, SMBC Aviation Capital, Apollo-managed funds (“Apollo”) and Brookfield today announced that they have completed the previously announced acquisition of Air Lease Corporation (“Air Lease”) and have renamed the business Sumisho Air Lease Corporation (“Sumisho Air Lease”). This transformational transaction improves the financial position of the business with long term support and aviation expertise from co-investors Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield. Sumisho Air Lease’s strong foundation as an established aircraft lessor, supported by SMBC Aviation Capital’s industry‑leading capabilities as servicer, creates a platform with the scale and financial strength needed to meet the fast‑changing and increasingly complex requirements of airline customers. Sumisho Air Lease will also benefit from the deep expertise and long-standing commitment that both Sumitomo Corporation and SMBC Aviation Capital bring to the global aviation leasing sector.
Sitetracker Launches Scout, an Agentic AI Platform Purpose-Built for Critical Infrastructure8.4.2026 16:00:00 EEST | Press release
Sitetracker, the leading Asset Lifecycle Management platform for critical infrastructure, today announced the launch of Scout, its new Agentic AI platform designed to help infrastructure owners, operators, and contractors gain deep insights and drive automation within their operations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260408923336/en/ Scout, ready for real work As your AI analyst and agent, Scout is ready to work on day 1. Scout provides clarity when decisions are forming and momentum when action is required. It surfaces risk, synthesizes information, and helps accelerate execution by connecting data and driving action. Scout creates operational intelligence and turns it into action all in a secure environment that protects data sovereignty. “Our customers are looking to create compounding competitive advantages,” said Giuseppe Incitti, Chief Executive Officer of Sitetracker. “Scout delivers by providing easy t
Westinghouse Hosts Annual VVER Fuel Forum with Customers8.4.2026 16:00:00 EEST | Press release
Westinghouse and MVM Paks Nuclear Power Plant (NPP) recently co-hosted the VVER Fuel Forum in Budapest to share insights and plans for the continued deployment of VVER-1000 and VVER-440 fuel in operating reactors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260408646373/en/ Participants to the VVER Fuel Forum Péter János Horváth, CEO of MVM Paks, welcomed all the participants, highlighting that Hungary is ending two decades of single supplier fuel dependency thanks to the agreement recently signed with Westinghouse to supply the VVER-440 NOVA E-6 fuel design. Six customers presented the progress made and positive outcomes achieved in the past years with the introduction of Westinghouse fuel into mixed cores with resident fuel in their reactors: Energoatom has extensive experience with Westinghouse VVER-440 and VVER-1000 fuel, currently used in the nine reactors in operation. Ukraine will be the first country to operate en
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