Under the patronage of His Royal Highness Prince Turki bin Talal bin Abdulaziz, Governor of the Aseer Region and Chairman of the Board for ARDARA Development Company in partnership with Sumou Holding have launched the second investment within the AlWadi development in Abha valued over SAR 4 billion.
The investment represents a significant step towards advancing the vision of the Aseer Region Development Strategy, “Peaks and Values,” which is rooted in the identity of the place and seeks to restore the valley’s position as a source of life.
The project will be implemented through the establishment of a closed-ended real estate investment fund regulated by the Capital Market Authority. An agreement governing the relationship between the two parties will provide the foundation for commencing development activities within an integrated investment and regulatory framework, transforming the vision into a tangible impact, and the investment into sustainable development value.
The agreements were signed by Mr. Naif bin Saleh Alhamdan, Managing Director of ARDARA Development Company and Eng. Abdullah bin Mohammed Alqahtani, Chief Executive Officer of Business Development at Sumou Holding, marking the commencement of the second investment within AlWadi.
The project represents more than urban development. It reflects a national partnership founded on the belief that enduring development begins with the identity of the place.
Located within the heart of Abha, AlWadi will include the development of secondary infrastructure and urban elements in accordance with the highest standards of quality and excellence. It will create an integrated urban destination comprised of residential units, premium hospitality offerings, commercial, entertainment and cultural facilities, public spaces, and experiences that celebrate Aseer’s heritage while creating a future worthy of its history.
AlWadi, developed by ARDARA, extends across approximately 2.5 million square meters, with nearly two million square meters of development area. It is set to become one of the region’s most prominent urban destinations and a major milestone in Abha’s urban and tourism transformation.
The partnership aligns with the objectives of the Aseer Development Strategy, “Peaks and Values,” along with Saudi’s Vision 2030 by enhancing the region’s attractiveness to investors, diversifying economic opportunities, and improving quality of life.
ARDARA, a wholly owned company of the Public Investment Fund, is the master developer of AlWadi and a leading developer of sustainable urban destinations that reflect the identity and heritage of their locations while creating new opportunities for local and international investors.
Sumou Holding brings extensive experience in the development and management of mixed-use real estate, investment, and tourism projects. Together, the two companies aim to deliver developments that create an impact extending beyond the present and establish a legacy for future generations.
“He who returns to his origin is never lost.” At AlWadi, investment does not begin with the construction of a project, but with the restoration of the place’s meaning, ensuring that its impact continues to be reflected in its people, the built environment, and the future.
Source: Riyadh Daily