Skift Take
Mohammed bin Salman bin Abdulaziz creates a new development company to help realize his tourism sector dreams.
Middle East Travel Roundup
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The Public Investment Fund (PIF) of Saudi Arabia has formed another development company, Ardara, solely focused on the upcoming AlWadi destination. Launched by Mohammed bin Salman bin Abdulaziz, who serves as PIF’s chairman, Ardara adds to the crown prince’s portfolio of government-owned construction companies.
The AlWadi project sits within the Aseer region of the kingdom, which has long been an agricultural center in the country. Within the next three years, however, it will be a tourism and retail hub – one of many the country is building under the banner of economic diversification and improving locals’ quality of life.
AlWadi – meaning “the valley”– will span 2.5 million square meters and will be developed with sustainability at its core, according to PIF. Spread over five districts, AlWadi will have residential, hospitality and recreation developments to be provided with phase one of the project over the next three years. This will include 2,000 residential options in the form of high-end apartments and villas, luxury hotels, and commercial spaces.
The AlWadi destination is set to contribute more than SAR 19