Saudi Arabia’s Public Investment Fund (PIF) launched a new venture that will invest $3 billion in developing tourism and infrastructure in the southwestern Asir region, the state news agency SPA reported.
The kingdom, which opened its doors in September 2019 to foreign tourists by launching a new visa regime for 49 countries, hopes to diversify its oil-dependent economy through tourism and wants the sector to contribute 10% of gross domestic product (GDP) by 2030.
Crown Prince Mohammed Bin Salman has long pushed the PIF as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil. Crude exports still account for more than half the kingdom’s income.
The Soudah Development Company (SDC) will develop Soudah, a mountainous area located 3,015 metres (9,892 t) above sea level, and the ancient village of Rijal Alma’, into a tourist destination for residents and visitors. It aims to contribute an estimated $8 billion to the kingdom’s cumulative gross domestic product (GDP) by 2030.
The Asir region and its capital, Abha, are a favourite destination for Saudis and foreign residents for its pleasant cool and humid climate, making it ideal for short holidays to escape the desert weather in most of the kingdom.
This story is from the February 26, 2021 edition of Gulf Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 26, 2021 edition of Gulf Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Bayern's bid for 10th German League title boosted by rivals' disarray
Bayern are cruising unbeaten at the top of the league table under new coach Nagelsmann and their challengers from last season are in disarray. They have won their last nine matches in all competitions and scored at least three goals in each game
Pakistan Pavilion at Expo spotlights Balochistan
Visitors will get to see the strides women in Pakistan have made and the importance of their development
Defence cooperation between UAE, Pakistan grows stronger
Sheikh Mohamed and General Bajwa discussed relations of friendship and joint coordination between the two countries in defence and military affairs
England's Buttler reiterates to pull out of Ashes tour if not allowed to meet family in Oz
But whether the wicketkeeper-batsman also features in the five-Test Ashes series is open to doubt amid questions over the severity of COVID-19 restrictions confronting Joe Root’s men in Australia
Balmain celebrates ten years with designer at Paris Fashion Week
An emotional recorded message by Beyonce opened the evening show, paying tribute to the French designer who she said strove to put diversity at the heart of his fashion
Brazil's Palmeiras Advance To Copa Libertadores Final Again
BELO HORIZONTE: Defending champions Palmeiras booked their place in the final of the Copa Libertadores on Tuesday, securing a batling 1-1 against Brazilian rivals Atletico Mineiro to advance on away goals.
Chennai Look To Tighten Grip On Top, Hyderabad To Play For Pride
Chennai are siting at the top of the standings with 16 points, having won eight of their ten matches. They are in stupendous form and have been unbeaten in the UAE leg of the tournament. CSK have notched up three victories on the trot to maintain their stranglehold on the summit
Britain Deploys Soldiers To Deliver Fuel, Says Official
Petrol stations’ union says only 27% reported being out of gasoline while taxi drivers say there appeared to be little signs of the situation improving
Cabinet Ministers Of UAE Sworn In At Qasr Al Watan
The ministers expressed their appreciation for the trust of the leaders of the UAE
Expo 2020 Star-Studded Opening Ceremony Will Mesmerise World
Opening ceremony viewing parties will take place across the country
