AlWadi District Joins Saudi's Giga-Project Portfolio
18.10.2023 - 06:11
/ skift.com
/ Josh Corder
The Public Investment Fund (PIF) of Saudi Arabia has formed another development company, Ardara, solely focused on the upcoming AlWadi destination. Launched by Mohammed bin Salman bin Abdulaziz, who serves as PIF’s chairman, Ardara adds to the crown prince’s portfolio of government-owned construction companies.
The AlWadi project sits within the Aseer region of the kingdom, which has long been an agricultural center in the country. Within the next three years, however, it will be a tourism and retail hub – one of many the country is building under the banner of economic diversification and improving locals’ quality of life.
AlWadi – meaning “the valley”– will span 2.5 million square meters and will be developed with sustainability at its core, according to PIF. Spread over five districts, AlWadi will have residential, hospitality and recreation developments to be provided with phase one of the project over the next three years. This will include 2,000 residential options in the form of high-end apartments and villas, luxury hotels, and commercial spaces.
The AlWadi destination is set to contribute more than SAR 19 billion (approx. $5.08 billion) to the country’s non-oil GDP by 2030, creating thousands of jobs for the region’s local communities.
Plenty of money is being poured into Saudi Arabia’s tourism infrastructure, including new airports, airlines, and travel destinations equal in size to a small country. To service these ambitious ventures, the country is also investing heavily in its talent pool.
As part of this, the country’s tourism minister has announced a tourism school, costing upwards of a billion dollars, and set to open In the Qiddiya giga-project. Called the Riyadh School of Tourism and Hospitality, its campus will spread over five million square meters. It is expected to open in 2027. Minister Al Khateeb said: “This school is a gift from Saudi Arabia to the world because it will be open to everyone to enjoy the best training in the field of tourism and hospitality.”
U.S. hotel group Hilton has committed $250,000 to the Sedra Foundation, a charity in the UAE that works to improve the quality of living for disabled people in the region. The money comes from the Hilton Global Foundation (HGF). This year, HGF has awarded more than $3.3 million in grants globally – the biggest in its history.
As part of the grant, Hilton will support Sedra in getting more young disabled people job placements and vocational training across hotels. Since 2021, Hilton and Sedra have hired 30 young disabled people across the operator’s local network of hotels.
The first new hotel in Dubai’s La Mer area has been announced since the surrounding area was bulldozed last year. Original developers Meeras are back