ASDA official says PIF allocates SAR 25 bln for Aseer development strategy; aims to attract SAR 16 bln from private sector

Logo of Aseer Development Authority

The Public Investment Fund (PIF) will contribute nearly SAR 25 billion to Aseer development strategy, while the government will inject about SAR 10.6 billion, Asharq channel reported, citing Aseer Development Authority’s (ASDA) Strategy Director, Sultan Zomaia.

Saudi Arabia allocated SAR 2.5 billion on spending during the first three years of implementing the development strategy, Zomaia said.

These investments are directed towards planning, extending, and developing infrastructure.

The strategy's budget aims to attract investments from the private sector of about SAR 16 billion, as it is a key partner for the strategy’s success.

The PIF has six projects in the Aseer region, including three confirmed, one of which has already been announced – Soudah Development Co. Other projects in the region will be announced soon.

Over the past two years, infrastructure development such as transportation, water and electricity systems started.

Zomaia pointed out that the strategy includes the entire region, and not just the city of Abha, as it will enhance Aseer’s competitive advantage, including tourism, and boost its global competitiveness.

According to data compiled by Argaam, Crown Prince Mohammed bin Salman unveiled, on Sept. 28, a strategy to develop Aseer region into a global tourism destination under the theme "The Arabian Highland", through injecting SAR 50 billion in diversified investments.