RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Monday launched a company for the development of the Abha Valley project in the Kingdom’s Asir region, the Saudi Press Agency reported. The newly formed Ardara company will develop the “Al Wadi” project that will be spread over an area of 2.5 million sq. meters. The company, the SPA reported, will ensure sustainability standards in the construction of the project to raise the quality of life. This launch aligns with Saudi Arabia’s National Tourism Strategy, which aims to position the Kingdom as a global tourism hub by 2030. The Al Wadi project is expected to evolve into an urban center that attracts both local and international visitors. It will encompass around 30 percent of open green spaces, a 16-km water destination, and 17 km of sports tracks. The project will also provide facilities for cultural and community events. It will feature luxury hotels, commercial areas, business districts, and a variety of residential options, from high-end apartments to villas. The development is expected to create various opportunities spanning sectors such as hospitality, arts, and culture, while also providing room for investment in the food and agriculture, retail, and entertainment domains. These prospects are poised to enhance the Kingdom’s private sector growth. Saudi Arabia’s Public Investment Fund, a crucial driver of the country’s economic diversification efforts, has recently made strategic investments, including the establishment of Al Balad Development Co. to transform the historic Jeddah district into a global tourist destination. Since its inception, PIF has founded a total of 70 companies, with 25 of them, including Saudi Coffee Co. and Halal Products Development Co., established in 2022, as per the fund’s annual report. Additionally, the report highlighted that companies under PIF’s ownership created over 181,000 jobs in 2022.