Aseer draws SAR 50B investments: ADA
In an interview with Argaam on the sidelines of the Aseer Investment Forum, Al-Dabbagh, added that the first edition of the forum, held two years ago, saw investments worth SAR 1.7 billion. This figure grew over the following two years to exceed SAR 5 billion. The current forum witnessed the announcement of new investments worth SAR 4 billion, in addition to projects under study estimated at SAR 15 billion.
PIF implements strategic projects in the region at a total value of nearly SAR 25 billion. These projects include Soudah Development Co., which involve luxury hotel and residential developments across six locations in Soudah, with investments exceeding SAR 10 billion.
He also cited Al-Wadi project, which is developed by Ardara Co. in central Abha. The project aims to revive the historical riverbed through a comprehensive development of the surrounding areas, with investments of over SAR 10 billion.
PIF's investments in the region also include other companies such as Aseer Investment, Qiddiya Development, with some projects still under study.
Regarding ADA's strategy, Al-Dabbagh affirmed that it focuses on enhancing the tourism sector and its supporting industries, such as entertainment, agri-tourism, and retail centers. He pointed out that most of the investments attracted during the forum fall within these areas.
He added that ADA is also exploring investment opportunities in other sectors, including renewable energy, mining, industry, and agriculture.
Al-Dabbagh also revealed that the authority is working with relevant entities to implement a comprehensive development project for Abha Airport. The project aims to increase the airport's capacity to 10 million passengers annually in its first phase, and to 13 million in the second phase—compared to its current capacity of just 1.8 million passengers per year.
The existing airport is operating beyond its designed capacity, currently handling more than 4 million passengers annually. This has led to the launch of a global design competition for a new airport with a Saudi countryside theme. One of the updated designs has been approved by the leadership.
The project is being implemented through a public-private partnership, in coordination with the General Authority of Civil Aviation (GACA), the National Center for Privatization & PPP, and the Matarat Holding Company. Al-Dabbagh described the project as one of the key enablers of tourism and economic transformation in the region.
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