Latest news with #PIF
Argaam
8 hours ago
- Business
- Argaam
Aseer draws SAR 50B investments: ADA
Hashem Al-Dabbagh, CEO of Aseer Development Authority (ADA), said that the authority exceeded its investment targets. The private sector investments in Aseer reached around SAR 25 billion, excluding investments by the Public Investment Fund (PIF), which also amount to about SAR 25 billion—bringing the total investments in the region to about SAR 50 billion. In an interview with Argaam on the sidelines of the Aseer Investment Forum, Al-Dabbagh, added that the first edition of the forum, held two years ago, saw investments worth SAR 1.7 billion. This figure grew over the following two years to exceed SAR 5 billion. The current forum witnessed the announcement of new investments worth SAR 4 billion, in addition to projects under study estimated at SAR 15 billion. PIF implements strategic projects in the region at a total value of nearly SAR 25 billion. These projects include Soudah Development Co., which involve luxury hotel and residential developments across six locations in Soudah, with investments exceeding SAR 10 billion. He also cited Al-Wadi project, which is developed by Ardara Co. in central Abha. The project aims to revive the historical riverbed through a comprehensive development of the surrounding areas, with investments of over SAR 10 billion. PIF's investments in the region also include other companies such as Aseer Investment, Qiddiya Development, with some projects still under study. Regarding ADA's strategy, Al-Dabbagh affirmed that it focuses on enhancing the tourism sector and its supporting industries, such as entertainment, agri-tourism, and retail centers. He pointed out that most of the investments attracted during the forum fall within these areas. He added that ADA is also exploring investment opportunities in other sectors, including renewable energy, mining, industry, and agriculture. Al-Dabbagh also revealed that the authority is working with relevant entities to implement a comprehensive development project for Abha Airport. The project aims to increase the airport's capacity to 10 million passengers annually in its first phase, and to 13 million in the second phase—compared to its current capacity of just 1.8 million passengers per year. The existing airport is operating beyond its designed capacity, currently handling more than 4 million passengers annually. This has led to the launch of a global design competition for a new airport with a Saudi countryside theme. One of the updated designs has been approved by the leadership. The project is being implemented through a public-private partnership, in coordination with the General Authority of Civil Aviation (GACA), the National Center for Privatization & PPP, and the Matarat Holding Company. Al-Dabbagh described the project as one of the key enablers of tourism and economic transformation in the region.
Arabian Business
15 hours ago
- Business
- Arabian Business
Saudi real estate: ARDARA to launch lifestyle community in Al Wadi with luxury hotels and homes
The Saudi real estate and hospitality sectors will be further enhanced by the launch of a new luxury community in Al Wadi, Aseer. Aseer Region Governor and ARDARA Chairman Prince Turki bin Talal bin Abdulaziz officially announced the launch of the first modern lifestyle community at Al Wadi. The announcement unveiled further details about this distinctive destination developed by ARDARA, a company wholly owned by the Public Investment Fund (PIF), during the second Aseer Investment Forum, held at King Khalid University in Abha. ARDARA Saudi real estate development The new community represents a key milestone in ARDARA's mission to develop integrated residential and tourism destinations that enhance Aseer Region's prominence on the national development landscape. The project underscores ARDARA's dedication to sustainable urban development and delivering a superior quality of life. The current project phase includes a range of diverse facilities, including: A five-star hotel with approximately 180 rooms A four-star hotel with around 245 rooms 40 luxury branded apartments 42 luxury branded villas 62 exceptional apartments Premium retail space spanning 4,500sq m Public amenities including walking and cycling paths Environmentally friendly mobility solutions. In line with its commitment to world-class hospitality, ARDARA signed a letter of intent with Hilton to operate a Waldorf Astoria hotel within the destination. Additionally, ARDARA signed a memorandum of understanding (MoU) with Sumou Holding to develop mixed-use urban communities combining residential, hospitality, and entertainment components in upcoming phases of AlWadi, in line with the National Tourism Strategy and grounded in principles of sustainability and smart development. With a potential value of SR1bn ($267m), the partnership aspires to achieve the highest standards of quality of life, meeting the needs of both residents and visitors. In a strategic collaboration, ARDARA and SEDCO Capital signed an MoU to manage an investment fund worth SR1bn ($267m) aimed at developing an urban project in Abha. In addition, ARDARA signed an MoU with Southern Province Cement Company to promote sustainable practices in urban development in Saudi Arabia. The agreement includes the supply of eco-friendly 'green cement,' collaboration on greening initiatives and community activities, and the exchange of technical expertise, contributing to a lasting environmental and social impact that enhances the quality of construction and development across the region. Managing Director of ARDARA Naif bin Saleh Al-Hamdan said: 'The launch of our first lifestyle community in Al Wadi presents a one-of-a-kind investment opportunity in Aseer, offering exclusive waterfront properties and a thriving community that embraces Saudi heritage and modern amenities. 'Additionally, the significant strategic partnerships we signed today bring together innovation, sustainability, and investment value, aligning with the Public Investment Fund's programs and the objectives of Saudi Vision 2030.'
Zawya
16 hours ago
- Business
- Zawya
ROSHN breaks ground on first integrated community in Dhahran
ROSHN Group, the leading multi-asset real estate developer in the Kingdom of Saudi Arabia and a PIF company, has broken ground on its first fully integrated residential community - ALDANAH in Dhahran in the kingdom's Eastern Province of Dhahran. Spanning over 1.7 million sq m, the development will deliver more than 2,000 residential units upon completion. Each of the homes features diverse designs and amenities that ensure an easy and seamless transition experience for residents, said the developer. The groundbreaking ceremony was held under the patronage of Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, and in the presence of the Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province. ALDANAH offers nine floor plans and two distinct façade types, including duplexes and standard villas. Premium villas with five bedrooms are also available and will be conveniently positioned near a beautiful green spine. Located in Dhahran, ALDANAH is positioned near key landmarks such as the King Abdulaziz Center for World Culture, King Fahd University of Petroleum and Minerals, and the region's main business districts. ALDANAH's groundbreaking ceremony was attended by distinguished representatives from the public and private sectors, alongside ROSHN's senior leadership team, who later visited the sales center and toured the show villas, gaining a first-hand look at the diverse typologies that will be available. Speaking on the occasion, ROSHN Group Acting Chief Executive Officer Dr Khalid Johar said: "This is a significant milestone in the group's journey, fulfilling its mandate to provide exceptional, sustainable living experiences in line with Vision 2030 homeownership and quality of life goals." "Today, we are delighted to extend our fully integrated way of living to new customers in the Eastern Region. In ALDANAH, we are creating a vibrant new community deeply connected to Greater Dammam and the region's unique heritage," he noted. The groundbreaking marks a significant milestone in the development of the Eastern Region, paving the way for an integrated residential destination that offers a new way of living tailored to fulfill every aspiration, he added. ALDANAH is holistically designed to offer residents vibrant and healthy lifestyles while fostering the growth of family-friendly communities. Set to feature a wide range of amenities, the community will play a key role in enhancing the quality of life across Greater Dammam. A rich array of amenities, including mosques, community centers, retail and commercial areas, and education facilities, is all within the community, said the developer. Close to 145,000 sqm of the project's total footprint will be dedicated to urban green space, accompanied by naturally shaded and pedestrian-friendly living streets, connecting residents with nature, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
18 hours ago
- Business
- Trade Arabia
ROSHN breaks ground on first integrated community in Dhahran
ROSHN Group, the leading multi-asset real estate developer in the Kingdom of Saudi Arabia and a PIF company, has broken ground on its first fully integrated residential community - ALDANAH in Dhahran in the kingdom's Eastern Province of Dhahran. Spanning over 1.7 million sq m, the development will deliver more than 2,000 residential units upon completion. Each of the homes features diverse designs and amenities that ensure an easy and seamless transition experience for residents, said the developer. The groundbreaking ceremony was held under the patronage of Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, and in the presence of the Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province. ALDANAH offers nine floor plans and two distinct façade types, including duplexes and standard villas. Premium villas with five bedrooms are also available and will be conveniently positioned near a beautiful green spine. Located in Dhahran, ALDANAH is positioned near key landmarks such as the King Abdulaziz Center for World Culture, King Fahd University of Petroleum and Minerals, and the region's main business districts. ALDANAH's groundbreaking ceremony was attended by distinguished representatives from the public and private sectors, alongside ROSHN's senior leadership team, who later visited the sales center and toured the show villas, gaining a first-hand look at the diverse typologies that will be available. Speaking on the occasion, ROSHN Group Acting Chief Executive Officer Dr Khalid Johar said: "This is a significant milestone in the group's journey, fulfilling its mandate to provide exceptional, sustainable living experiences in line with Vision 2030 homeownership and quality of life goals." "Today, we are delighted to extend our fully integrated way of living to new customers in the Eastern Region. In ALDANAH, we are creating a vibrant new community deeply connected to Greater Dammam and the region's unique heritage," he noted. The groundbreaking marks a significant milestone in the development of the Eastern Region, paving the way for an integrated residential destination that offers a new way of living tailored to fulfill every aspiration, he added. ALDANAH is holistically designed to offer residents vibrant and healthy lifestyles while fostering the growth of family-friendly communities. Set to feature a wide range of amenities, the community will play a key role in enhancing the quality of life across Greater Dammam. A rich array of amenities, including mosques, community centers, retail and commercial areas, and education facilities, is all within the community, said the developer. Close to 145,000 sqm of the project's total footprint will be dedicated to urban green space, accompanied by naturally shaded and pedestrian-friendly living streets, connecting residents with nature, it added.-TradeArabia News Service
Zawya
20 hours ago
- Business
- Zawya
Abu Dhabi's Mubadala fund markets 10-year U.S. dollar Islamic bonds
DUBAI - Abu Dhabi sovereign wealth fund Mubadala began taking orders on Wednesday for 10-year U.S. dollar-denominated Islamic bonds, or sukuk, fixed income news service IFR said. Mamoura Diversified Global Holding, the entity through which Mubadala taps debt markets, gave initial price guidance of around 95 basis points over U.S. Treasuries, IFR said. There has been a flurry of bond sales out of the Gulf, with issuers braving the markets despite recent turmoil set off by U.S. President Donald Trump's tariffs. Saudi oil giant Aramco raised $5 billion from a bond sale on Tuesday and the kingdom's sovereign wealth fund PIF sold $1.25 billion in sukuk earlier this month. Abu Dhabi Commercial Bank, First Abu Dhabi Bank , HSBC, JPMorgan and Mizuho are joint global coordinators for Mubadala's sukuk sale and are joined as bookrunners and joint lead managers by Abu Dhabi Islamic Bank, Barclays and Credit Agricole , IFR said. Emirates NBD Capital and ICBC are passive bookrunners. (Reporting by Yousef Saba Editing by Tomasz Janowski)
