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Saudi Arabia’s PIF will develop luxury Al Wadi development with residential, luxury hotels and distinct real estate zones
October 18, 2023 | Staff Reporter | KSA | Developers
Saudi Arabia will develop a new luxury real estate and tourism development called Al Wadi.
Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced the launch of “Ardara,” which will develop Al Wadi in the Aseer Region in the southwest of Saudi Arabia.
It will be the company’s first development and will become a vibrant urban centre 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, Al Wadi, meaning “the valley”, will span 2.5 million square metres and will be developed with sustainability at its core.
It will enhance quality of life by dedicating over 30 per cent of the project’s area as green open spaces, with more than 16 km of waterfront extending across the length of the project, and 17km of sport trails, as well as cultural and community activities.
Al Wadi will feature five distinct districts offering unique experiences, with a range of residential, hospitality and recreation options 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 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 Al Wadi flagship destination is set to contribute more than SR19bn ($5.1bn) 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 the Crown Prince in 2021.
