Saudi Arabia initiates firm to progress Abha Valley endeavor
2 min
Crown Prince Mohammed bin Salman inaugurates Ardara company for Abha Valley development in Asir.
"Al Wadi" project, spanning 2.5 Million sq. meters, to enhance Saudi Tourism Vision 2030.
Public Investment Fund bolsters economic diversification with new companies, creating over 181,000 jobs in 2022.
Saudi Arabia's Crown Prince Mohammed bin Salman inaugurated a new entity on Monday dedicated to spearheading the development of the Abha Valley initiative in the Asir region, as announced by the Saudi Press Agency.
The recently established Ardara company will be at the forefront of the "Al Wadi" project, sprawling across 2.5 million sq. meters. With a commitment to maintaining sustainability standards, the initiative aims to elevate living standards.
This undertaking aligns seamlessly with the Kingdom's vision outlined in the National Tourism Strategy. The strategy aims to transform Saudi Arabia into a premier global tourist destination by 2030.
The Al Wadi initiative is envisioned as an urban epicenter magnetizing both domestic and global tourists. Key features will include 30 percent of the area dedicated to verdant spaces, a 16 km aquatic attraction, and 17 km athletic tracks. Furthermore, it will be a hub for cultural and communal gatherings. The plan includes luxury accommodations, bustling commercial zones, corporate sectors, and housing choices ranging from upscale apartments to lavish villas.
The project is forecasted to usher in many opportunities across various industries, from hospitality and arts to cultural pursuits. It will also open doors for investments in food, agriculture, retail, and entertainment sectors, potentially boosting Saudi Arabia's private sector dynamics.
Simultaneously, the country's Public Investment Fund (PIF), a pivotal force in its economic diversification ambitions, has made notable strategic inroads. That includes setting up Al Balad Development Co. to revitalize the iconic Jeddah district, positioning it as an international tourist hotspot. Since its inception, the PIF has birthed 70 companies, 25 of which, like Saudi Coffee Co. and Halal Products Development Co., were introduced in 2022, according to their annual review.
The same review underscores that, in 2022, firms under PIF's umbrella generated over 181,000 job opportunities.
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