Salman Bin Abdulaziz, the Crown Prince of Saudi Arabia and the head of the Public Investment Fund (PIF), has established ARDARA, a firm to create a premier tourist destination in the Aseer region that will appeal to both domestic and foreign tourists.
The PIF’s plan to provide distinctive experiences around the kingdom aligns with the urban lifestyle destination, AlWadi.
That is also consistent with the fund’s Vision 2030, which aims to advance the nation’s economic development and increase its wealth by investing in opportunities across a variety of varied sectors and contributing to non-oil GDP growth.
According to a statement, the AlWadi destination, which covers an area of 2.5 million square meters, would embrace architectural styles and characters inspired by the history and distinctive character of the Aseer region.
The project’s territory will be made up of about 30% green and open space, with 16 km of waterfront, 17 km of walking and cycling trails, as well as areas for community events and cultural activities.
In accordance with the region’s identity and historical legacy, AlWadi will have five distinct districts, each of which will offer different experiences. These districts will include 2,000 residence options, including everything from luxury apartments to contemporary villas, a range of high-end hotel rooms, as well as commercial spaces and high-quality office spaces.
Investment opportunities
A variety of economic sectors, including hospitality, the arts, culture, food and agriculture, retail, and entertainment, are targeted by ARDARA for investment and cooperation opportunities. By 2030, AlWadi is anticipated to contribute more than SR19 billion to the Kingdom’s non-oil GDP and generate thousands of jobs for locals. AlWadi also contributes to the objectives of the Aseer Development Strategy, “The Arabian Highland”, announced by the Crown Prince in 2021.
