Source: Public Investment Fund (PIF)
Source: Public Investment Fund (PIF)
  • ARDARA is developing its flagship destination AlWadi in the heart of Abha in the Aseer region, crafted as a vibrant urban attraction for both local and international visitors.
  • AlWadi provides diverse opportunities for local and international investors in various sectors, building partnerships with the private sector while creating job opportunities.

His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister, and Chairman of the Public Investment Fund (PIF) launched ARDARA to develop its flagship destination "AlWadi" in the Aseer region as its first destination, aiming to be a first of its kind urban lifestyle destination for local and international tourists. AlWadi has been developed in line with the Public Investment Fund's strategy to develop distinctive experiences across the Kingdom, in line with Vision 2030.

The AlWadi destination, spanning 2.5 million square meters, will adopt architectural styles and character inspired by the heritage and unique character of the Aseer region. The destination will adhere to global sustainability standards and champion dynamic lifestyles by dedicating over 30% of the project's area as green and open spaces, offering 16 km of waterfront, 17 km of walking and cycling tracks, as well as cultural activities and community gatherings.

AlWadi will feature five distinct districts, each offering unique experiences, consisting of 2,000 residence options ranging from luxury apartments to modern villas, a selection of high-end hotel accommodations, commercial spaces and high-quality office areas, all developed in harmony with the region's identity and historical legacy.

ARDARA aims to provide numerous investment and partnership opportunities for local and international investors in multiple economic sectors including hospitality, arts, culture, food and agriculture, retail and entertainment.

The launch of ARDARA aligns with PIF's strategy to support promising economic sectors and diversify income in the Kingdom. Its flagship destination AlWadi is set to contribute more than 19 billion Saudi riyals to the Kingdom's non-oil GDP by the year 2030 and will create thousands of jobs for the region's residents. AlWadi also contributes to the objectives of the Aseer Development Strategy, "The Arabian Highland", announced by His Royal Highness the Crown Prince in 2021.

Public Investment Fund (PIF)

The Public Investment Fund was originally established in 1971 to invest in commercial projects. In addition to making select investments in a range of companies and assets domestically and internationally. The Fund has contributed to the establishment of numerous Saudi Arabian companies, supporting innovation, diversification and non-oil sector development in the Kingdom. In March 2015, the Council of Ministers issued a decree to transfer oversight of the Public Investment Fund to the Council of Economic and Development Affairs (CEDA). A new Board of Directors was appointed, chaired by His Royal Highness Crown Prince Mohammed Bin Salman Bin Abdulaziz, Chairman of CEDA. Vision and Objectives The Public Investment Fund aims to be a global investment powerhouse and the world's most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. Portfolio The Public Investment Fund has a diverse portfolio made up of a significant number of investments, of which around 20 are listed on the Tadawul, the Saudi Stock Exchange. The Fund is building an investment portfolio that is diversified and risk-adjusted across sectors, geographies and assets classes. All investments are primarily based on economic and financial criteria, with a focus on achieving attractive long-term financial returns. Visit www.pif.gov.sa.