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Saudi King, PIF unveil multibillion-dollar schemes in Vision 2030 push

HH King Salman inaugurated 242 development projects worth $2.7bn in Al Jouf while PIF unveiled Wadi Al Disah

Saudi Arabia's King Salman announced a wave of developments, worth billions of dollars, across the kingdom [image: Riyadh].
Saudi Arabia's King Salman announced a wave of developments, worth billions of dollars, across the kingdom [image: Riyadh].

Saudi Arabia’s HH King Salman bin Abdulaziz Al Saud  is currently announcing projects across the kingdom worth several billion dollars, including more than 200 development projects announced in Al Jouf alone, as he continues his country-wide tour.

As reported by Saudi Press Agency (SPA), King Salman watched a presentation on 242 development projects worth about $2.7bn (SAR10bn) in the Al Jouf region on 20 November, inaugurating the projects thereafter.

Before visiting Al Jouf, he also met with the team heading up Amaala, the ultra luxury destination that was unveiled in September this year, and was briefed by its chief executive officer, among others, on plans for the attraction.

READ: Saudi Arabia reveals construction progress updates of $500bn Neom

King Salman, as reported by SPA, “lauded the project and its contribution in pushing the economic diversity, creating investment opportunities for the local private sector and developing the tourism sector in the kingdom with maintaining the cultural and environmental heritage”.

On 22 November, 2018, King Salman will launch first phase of the Wa'ad al-Shamal Industrial City project, and lay down foundation stones for other projects in Tarif Governorate. The cost of Wa'ad al-Shamal's Phase 1 is estimated at $14.7bn (SAR55bn), SPA said.

The King will also lay down the foundation stone for projects and facilities of the second phase of the city, worth $8bn (SAR30bn), during his visit to the northern border region.

READ: Saudi in line for $1bn infrastructure dividend

The news came as Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, announced Wadi Al Disah Development, a new tourism destination within the Prince Mohammed bin Salman Nature Reserve, between the Amaala, Al-Ula, and $500bn (SAR1.9tn) Neom City developments.

PIF said the Wadi Al Disah Development project will become “a major sustainable tourism location, preserving the local environment and wildlife”, adding it will establish company to develop the project “in accordance with international best practices regarding environmental conservation and sustainable development”.

The new company will also contribute to the “creation of sustainable tourism and related job opportunities, supporting the kingdom’s diversification and unlocking new assets in Saudi Arabia”.

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Construction Week - Issue 730
Feb 21, 2019