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Crown Prince launches Ardara Company, which will develop Abha 'AlWadi' as flagship project The 2.5 million sq.m. tourist destination to contribute over SR19 billion to GDP by 2030 and create thousands of jobs
RIYADH — Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday the launch of Ardara Company, with the aim of developing the 'Al-Wadi' project in the heart of Abha in the southern Asir region. The AlWadi, the company's first project, to be a vibrant urban center and an attractive tourist destination for local and international visitors in line with the goals of Saudi Vision 2030. The launch of Ardara aligns with PIF's strategy to unlock the capabilities of promising sectors, including tourism and entertainment, and diversify the Kingdom's economy. The AlWadi flagship destination is set to contribute more than SR19 billion to the country's non-oil GDP by 2030, and will create thousands of jobs for the citizens of the region. It will also contribute to the objectives of the Aseer Development Strategy, dubbed "Arabian Highland" announced by the Crown Prince in 2021. The AlWadi – meaning "the valley"– will span 2.5 million square meters and will be developed with sustainability at its core. It will enhance quality of life by dedicating over 30 percent of the project's area as green open spaces, with over 16 km of waterfront extending across the length of the project, and 17 km of sport trails, as well as cultural and community activities. AlWadi 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 Co. 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. It is noteworthy that the Crown Prince announced in 2021 the Aseer Development Project, which aimed to transform the picturesque mountain region into a tourism destination. The $13 billion project is designed to transform the mountainous Aseer region into a global tourism destination, as it aims to attract more than 10 million visitors by 2030. The 'Arabian Highland' project's aim is to create tourist attractions at the peak of the mountains centered around nature and culture and make the region a year-round destination
