Saudi Arabia's crown prince launches company to inject 3 bln USD into infrastructure, tourism

0 Comment(s)Print E-mail Xinhua, February 25, 2021
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RIYADH, Feb. 24 (Xinhua) -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud announced on Wednesday the launch of Soudah Development Company to inject 3 billion U.S. dollars into infrastructure and tourism projects.

The company in Asir region in southwest of the kingdom is fully owned by the Public Investment Fund, the Saudi Press Agency reported.

The planned projects include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions.

The company aims to develop the Soudah and Rijal Alma'a areas in the region into a sustainable destination for residents and visitors that will contribute an estimate of around 8 billion dollars to the kingdom's economy by 2030.

It aims to attract over 2 million visitors annually and create 8,000 jobs by 2030. Enditem

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