Saudi Arabia Launches Company To Develop Alwadi, Flagship Tourist Destination
Saudi Arabia’s Crown Prince Salman Bin Abdulaziz, chairman of the kingdom’s Public Investment Fund (PIF), has launched ARDARA, a company to develop a flagship destination in the Aseer region, which will draw in local and international visitors.
The urban lifestyle destination, AlWadi, dovetails with the PIF’s strategy to develop distinctive experiences across the kingdom.
That’s also in line with the fund’s Vision 2030 which seeks to drive the country’s economic transformation and develop its wealth by contributing to non-oil GDP growth and investing in opportunities across diversified sectors.
Spanning an area of 2.5 million square metres, the AlWadi destination will adopt architectural styles and character inspired by the heritage and unique character of the Aseer region, according to a statement.
Nearly 30 per cent of the project’s area will be green and open spaces, offering 16 km of waterfront, 17 km of walking and cycling tracks, and cultural activities and community gatherings.
AlWadi will feature five distinct districts, each offering unique experiences, consisting of 2,000 residence options ranging from luxury apartments to modern villas, a selection of high-end hotel accommodations, commercial spaces and high-quality office areas, all developed in harmony with the region’s identity and historical legacy, the statement said.
ARDARA aims to provide numerous investment and partnership opportunities for local and international investors in multiple economic sectors including hospitality, arts, culture, food and agriculture, retail and entertainment.
AlWadi is set to contribute more than SR19 billion to the Kingdom’s non-oil GDP by 2030 and will create thousands of jobs for the region’s residents. AlWadi also contributes to the objectives of the Aseer Development Strategy, “The Arabian Highland”, announced by the Crown Prince in 2021.
