Saudi Arabia`s Ardara developer has initiated the first modern lifestyle waterfront community in Aseer to be known as Al Wadi. The announcement was unveiled during the second Aseer Region Investment Forum. Aligned with the ambitious ‘Aseer Development Strategy’, the development aims to enhance urban environments and promote sustainable economic growth. Importantly, it will represent a key milestone in the Public Investment Fund (PIF) owned Ardara`s history.
Al Wadi Development Design To Reflect Saudi Heritage
The partnership, worth SAR 1 billion (USD 267 million), will achieve the highest standards for both residents and visitors. Accordingly, the initial phase includes a wide range of diverse facilities, including both a five and four star hotel with a combined 425 rooms. Luxury branded apartments and villas are also planned along with 4,500 square metres of retail space and public amenities including walking and cycling paths. Importantly, the development will incorporate environmentally friendly mobility solutions and sustainable construction practices while embracing Saudi heritage. In parallel with a commitment to world-class hospitality, a letter of intent was signed with Hilton to operate a Waldorf Astoria hotel within the destination. Additional memorandum of understandings (MoU`s) were signed in line with the National Tourism Strategy and the Saudi Vision 2030.
Shalalat Abha Project Also Unveiled in Aseer
In associated news, Riyad Capital recently launched its first real estate development in Abha City, also in the Aseer region. Notably, The Shalalat Abha Project, in collaboration with Mdr Development is valued at over SAR 1 billion (USD 270 million). Accordingly, the project will cover one million square metres and incorporate commercial, tourism, entertainment and residential sectors. Located in the east of Abha, the project benefits from close proximity to Abha International Airport and King Khalid University. Infrastructure development will begin in the second quarter of 2025 and is expected to take two years until completion.
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