Saudi Crown Prince Mohammed bin Salman, who is also the Chairman of the Council of Ministers and the Chairman of the Public Investment Fund, announced today, Monday, the launch of the "Ardara" company aimed at developing the "Abyan Valley" project in the Asir region, which will be the cornerstone of the company's projects. This venture is intended to be an urban center and a tourist destination attractive to local and international visitors, aligning with the objectives of Saudi Vision 2030.
The "Valley" project, which spans an area of 2.5 million square meters, will reflect architectural designs inspired by the heritage and rich history of the Asir region. The project will adhere to sustainability standards and enhance the quality of life by providing more than 30% of the project area as open green spaces, 16 kilometers of water destinations, and 17 kilometers of sports paths, in addition to cultural and community activities.
The company will focus on developing five main areas featuring unique characteristics, with the first phase during the next three years offering various residential, hospitality, and entertainment options, including 2,000 diverse housing options ranging from luxury and modern apartments to villas, in addition to luxurious hotels, commercial spaces, and business areas designed according to the highest standards that reflect its identity and historical heritage.
The company aims to provide numerous opportunities for local and international investors across various sectors, including hospitality, arts, culture, food and agriculture, retail, and entertainment, contributing to building partnerships with the private sector. The valley is envisioned as an attractive global destination for both locals and visitors year-round, comprising five areas each with a special character.
The launch of "Ardara" aligns with the strategy of the Public Investment Fund aimed at unleashing the potential of promising sectors in the Kingdom, particularly tourism and entertainment, and enhancing the Kingdom's efforts to diversify its income sources. The project is expected to contribute over 19 billion Saudi Riyals to the non-oil GDP by 2030 and create thousands of job opportunities for the region's residents by that year, in addition to being in harmony with the strategic objectives of the Asir region's "Peaks and Values" initiative, announced by His Royal Highness the Crown Prince in 2021.
