Saudi Arabia's Crown Prince Mohammad bin Salman announced on Wednesday the launch of the Soudah Development Company, in the Asir, with expected investments exceeding 11 billion riyals ($2.9 billion).
According to experts, the project will involve a diversity of urban developments and activate the investment of the country's different terrain.
They also said that the new company would revive several sectors in the region, the most important of which are real estate, construction and retail.
Saudi Minister of Tourism Ahmed Al-Khatib, emphasized the Crown Prince’s support to the tourism sector, whether through the major projects in the Red Sea to promote sun and sea tourism, or through the launching of Al Soudah Development, which will attract tourists to a mountainous region.
Ajlan Al-Ajlan, Chairman of the Council of Saudi Chambers, said that the launch of the company with investments worth more than 11 billion riyals constituted a strategic investment that would increase opportunities for entrepreneurship and generate more jobs in the region.
For his part, Vice Chairman of the Chamber of Commerce and Industry in Riyadh and Chairman of the Tourism Committee, Nayef Al-Rajhi, told Asharq Al-Awsat that the Kingdom “possesses all what's needed for tourism success, due to the different topography of its various regions that suit the requirements of all societal groups.”
Al-Rajhi stated that the project would provide thousands of direct and indirect jobs that would enable citizens to enter the labor market, thus reducing the unemployment rate. It would also offer many opportunities for companies specialized in tourism, hospitality and entertainment services.
In remarks to Asharq Al-Awsat, Muhaidib Al-Muhaidib, General Manager of Al-Sarh Travel and Tourism Company, stressed the importance of diversifying the options for the Saudi, Arab and foreign tourists, from resorts on the sea and desert areas, in addition to transforming the Soudah area into a new mountainous tourist destination that will further develop the Saudi tourism sector.