Riyadh – Mubasher: The Public Investment Fund (PIF) has launched the Ardara project to develop its flagship destination AlWadi in the Aseer region, according to a press release.
Within the framework of the Saudi Vision 2023, the scheme will be the company’s first development and become a tourist destination for both local and international visitors.
AlWadi, which will span 2.50 million square metres (m2), aims to enhance the quality of life by dedicating over 30% of the project's area to green open spaces.
It will feature five distinct districts, with a range of residential, hospitality, and recreation options to be provided with phase one of the project over the coming three years.
The launch of Ardara aligns with PIF’s strategy to unlock the capabilities of key sectors, such as tourism and entertainment.
The AlWadi flagship destination is set to contribute more than SAR 19 billion to the country’s non-oil gross domestic product (GDP) by 2030, creating thousands of jobs for the region's local communities.
Earlier in October, the Saudi sovereign wealth fund set up Al Balad Development Company (BDC) to diversify the Kingdom’s economy through anchoring strategic sectors, including real estate and tourism.
