PIF-owned developer Ardara launched Al Wadi, its first lifestyle community in Abha, during the Aseer Investment Forum, the company said in a post on X. The development is marketed as an integrated residential and tourism destination located in the downtown area, offering hotels, residences, retail space, and public amenities.

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The details: The project is scheduled to be developed in phases, with the current phase including a 180-room five-star hotel, a 245-room four-star hotel, 40 luxury apartments, 42 branded villas, 62 high-end apartments, and 4.5k sqm of retail space, in addition to public amenities, Asharq Al Awsat reports. The development will also include 4.5k sqm of retail space, along with public areas such as walking and cycling paths and eco-friendly mobility options.

Looking ahead: Ardara signed a series of agreements to develop upcoming phases, including separate MoUs with Sumou Holding to develop a mixed-use urban community, Sedco Capital to manage an investment fund, and Southern Province Cement Company to provide green cement. A letter of intent was also signed with Hilton to operate a Waldorf Astoria hotel.

ALSO FROM THE FORUM-

#1- Riyad Capital and mdr Development launched the Shalalat Abha project at the Aseer Investment Forum, according to a press release. The SAR 1 bn (USD 266.4 mn) premium real estate development — spanning over 1 mn sqm in east Abha — is Riyad Capital’s first real project in the Kingdom’s southern region.

Timeline: Mdr will handle all the infrastructure works necessary to prepare the land for development as soon as 2Q 2025, with overall completion expected within two years.

#2- Aseer to get new hotel and mall: The Aseer Municipality signed a SAR 300 mn contract with Al Othaim Investment to build a hotel and shopping center in the region, as part of efforts to expand local housing and commercial facilities, according to its post on X.

#3- The Aseer Development Authority signed agreements with major Saudi banks, including Saudi National Bank, Al Rajhi Bank, Bank Albilad, and Banque Saudi Fransi, according to separate posts on X (here, here, here, and here). The partnerships aim to provide the sub-national government with financial solutions and banking services to support economic and investment projects in the province.

LOOKING AHEAD-

More investments on the way? The Aseer region is working to attract new private investments worth SAR 15 bn to fuel its tourism industry, in addition to previous investments worth SAR 9 bn, aiming to transform the region into a year-around destination, Hashim Al Dabbagh, acting CEO of the Aseer Region Development Authority, told Asharq Business.

New investments valued at SAR 4 bn were announced at the forum, adding to the SAR 5 bn already invested by private companies and the SAR 25 bn allocated through state-backed projects like Soudah Development and Qiddiya, Dabbagh pointed out.

About 8 mn tourists visited Aseer in 2024, and the region hopes to attract over 9 mn visitors annually by 2030, Tourism Minister Ahmed Al Khateeb said in a previous statement. To support this growth, Al Dabbagh said there’s a plan that includes the development of 19k hotel rooms, with 4k new rooms expected soon.

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