PIF awards $346m contract to power Soudah Peaks
A developer backed by Saudi Arabia’s Public Investment Fund (PIF) is investing over a billion riyals to build advanced power infrastructure for Soudah Peaks, a luxury mountain tourism destination in the southwest of the country.
The Soudah Development project is 3,015 metres above sea level on the kingdom’s highest peak.
As part of the SAR1.3 billion ($346 million) contract, National Grid, a subsidiary of state-owned Saudi Electricity Company, will design and construct the integrated electrical network, including a central substation and two high-voltage substations.
The infrastructure will power all zones of the project, ensuring reliable power delivery to hospitality, residential, commercial and public assets.
Saleh Al Oraini, CEO of Soudah Development, said the partnership with National Grid would secure the infrastructure foundation needed to power all phases of Soudah Peaks.
Further reading:
- Saudi domestic tourism up but international visitors decline
- Luxury travel is the engine of Saudi’s tourism market
- ‘Tourism is the new oil’, says man trying to bring 150 million people to Saudi
In September 2023, the company said the first of three phases of the development would be completed in 2027, including 940 hotel rooms, 391 residential units and 32,000 square metres of retail space.
Soudah Peaks aims to contribute more than SAR29 billion to the kingdom’s cumulative GDP and to have more than 2 million visitors a year by 2033.
The project is aligned with the goals of expanding tourism and entertainment under Saudi Arabia’s Vision 2030 plan, supporting economic growth and attracting investment, the developer said.
You May Also Like
Zijn stablecoins de toekomst van het geld?
Strategic $3M Binance Move Sparks Intense Market Scrutiny
