DUBAI – (Reuters) – Saudi Arabia’s Public Investment Fund (PIF) is launching a new venture, the Soudah Development Company, that will invest $3 billion in developing tourism and infrastructure in the Asir region, the state news agency reported on Wednesday.
SDC aims to develop Soudah and Rijal Alma’a into a tourist destination for residents and visitors that will contribute an estimated $8 billion to the Kingdom’s cumulative gross domestic product (GDP) by 2030.
(Reporting by Aziz El Yaakoubi; Writing by Alaa Swilam; Editing by Jan Harvey)
