TABUK, Saudi Arabia, November 21, 2018
TABUK, Saudi Arabia, November 21, 2018 /PRNewswire/ --
The Public Investment Fund (PIF) of Saudi Arabia today announces the launch of the Wadi Al Disah Development Project, located within the Prince Mohammed bin Salman Natural Reserve. The development will become a major sustainable tourism location, preserving the local environment and wildlife. The region features a moderate climate, distinctive mountainous terrain and flowing springs, which will help the project become one of the Kingdom's most environmentally diverse tourist attractions.
The Public Investment Fund will establish a company to develop the project in accordance with international best practices regarding environmental conservation and sustainable development. The new company will contribute to the creation of sustainable tourism and related job opportunities, supporting the Kingdom's economic diversification and unlocking new assets in Saudi Arabia.
The announcement of the Wadi Al Disah Development Project follows the launch of the Amaala ultra-luxury tourism project in September, which will be the focal point of the tourism ecosystem within the Prince Mohammed bin Salman Natural Reserve. The geographical location, situated between NEOM, The Red Sea Development Project, Amaala and Al-Ula projects will ensure a diverse and unique tourism offering, providing a compelling investment opportunity for the private sector.
Wadi Al Disah is located in the north-west of Prince Mohammed bin Salman Natural Reserve and southwest of Tabuk. The word "Al Disah" means a valley of palm trees, and Wadi Al Disah's elevation is 400 meters above sea level with temperatures ranging from 12 ° C to 31 ° C. The Al Disah valley is characterized by mountain forms and tall rocky columns, providing a mountaineers paradise, as well as fresh water springs. The location includes several archaeological sites such as facades of Nabataean tombs, and the remains of walls containing Nabataean and Arabic writings in Kufic script.
The Wadi Al Disah Development Project will promote economic diversification and create investment opportunities for the private sector. The project aims to contribute to the development of the tourism sector in the Kingdom, preserve cultural and environmental heritage, and achieve sustainability in line with Vision 2030.
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About the Public Investment Fund
The Public Investment Fund seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom's main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Vision 2030.
The Public Investment Fund Program (2018-2020), part of the Kingdom's Vision 2030 Vision Realization Programs, acts as a roadmap for the next three years to strengthen PIF's position as the engine behind economic diversification in the Kingdom and role in transforming Saudi Arabia into a global investment powerhouse. The program will see the Fund's Assets Under Management increase to over $400 billion by 2020 and outlines how PIF aims to complement private sector development in the Kingdom through its new domestic investment, split between the Fund's Saudi Holdings, Saudi Sector Development, Saudi Real Estate & Infrastructure Development, and Saudi Giga-Projects.