Saudi wealth fund commits $3 billion to build mountain resort
Photo via Bloomberg
Published 24 Feb,2021 via Bloomberg Markets - Saudi Arabia’s sovereign wealth fund will invest almost $3 billion on a tourism project in a mountainous region near the kingdom’s border with Yemen.
The Public Investment Fund will provide 11 billion riyals to Soudah Development Co., which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia, according to Husameddin AlMadani, Soudah’s chief executive officer.
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Matthew Martin