RIYADH: Public Investment Company-owned Soudah Development Co. has attracted SR11 billion ($3 billion) of investment for its development of Soudah in the Asir region of Ƶ, said CEO Husameddin AlMadani.
Of that $3 billion, $800 million is only for infrastructure, including primary and secondary and tertiary roads, and some investment in energy and microgrids, he told Arab News on the sidelines of the FII Summit held in Riyadh.
“We believe that this infrastructure is necessary today to attract even more investments,” he said in the interview.
: CEO talks to Arab News on the sidelines of in Riyadh about the ambitious projects of , which secured an initial investment of a little over $3 billion
— Arab News (@arabnews)
The company is engaging heavily with local, and international investment communities, with the release of its Masterplan by the beginning of 2022.
“We have started our demolition and our site preparation work on the ground in preparation for starting our large construction program by April 2022,” he said.
“We’ll receive our [first] guests by the end of 2023, or early 2024, depending on the soft launch of the assets,” he said.
Soudah is developing 2,700 hospitality rooms in about 18 to 20 hotels with different sizes, and 1,300 second homes as summer houses available for sale in Soudah, AlMadani told Arab News.
Hotels will be mainly boutique hotels to ensure minimal impact on the destination, but there will also be some large-scale resorts in Soudah in particular, he said.
Soudah Developmentannounced at the Green Saudi Initiative Foruma new environmental initiative to plant more than one million trees across Soudah and parts of Rijal Almaa by 2030.
The landmark project will support the Green Saudi Initiative, which aims to plant 10 billion trees, reduce carbon emissions by 4 percent, and raise protected areas to more than 30 percentof the Kingdom’s total land area.
This is the first initiative to be announced amongst other green initiatives including rewilding, reintroduction of flagship species, baboon population management, protected areas expansion in addition to environmental management and destination sustainability.
