The company will create diverse opportunities for local and international investors in several sectors, build partnerships with the private sector and create job opportunities for the local community.
Riyadh, 16 October 2023: His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, Chairman of the Public Investment Fund (PIF), announced today the launch of “Ardara,” which will develop AlWadi in Aseer Region in the southwest of Saudi Arabia, which will be the company’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, in line with Vision 2030.
Inspired by the distinctive Aseer architectural style and rich historic heritage, AlWadi – meaning “the valley”– will span 2.5 million square meters and will be developed with sustainability at its core. It will enhance the quality of life by dedicating over 30% of the project's area as green open spaces, with over 16 km of waterfront extending across the length of the project, and 17 km of sports trails, as well as cultural and community activities.
AlWadi will feature five distinct districts offering unique experiences, with a range of residential, hospitality and recreation options to be provided in phase one of the project over the next three years. This will include 2,000 residential options in the form of modern high-end apartments and villas, luxury hotels, commercial spaces and business spaces designed in accordance with the highest international standards and in harmony with the region's identity and history.
Ardara aims to provide investment and partnership opportunities for local and international investors across a range of sectors including hospitality, arts, culture, food and agriculture, as well as retail and entertainment, to further strengthen the partnership with the private sector.
The launch of Ardara aligns with PIF’s strategy to unlock the capabilities of promising sectors, including tourism and entertainment, and diversify the economy of Saudi Arabia.
The AlWadi flagship destination is set to contribute more than SAR 19 billion to the country’s non-oil GDP by 2030, creating thousands of jobs for the region's local communities. It will contribute to the objectives of the Aseer Development Strategy; “Arabian Highland” announced by His Royal Highness the Crown Prince in 2021.
Source & Image1: Public Investment Fund
Image 2: Construction Week Middle East
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