ASDA to boost private sector investments to SAR 27B: Acting CEO

Hashem Al-Dabbagh, Acting CEO of Aseer Development Authority (ASDA)

Hashem Al-Dabbagh, Acting CEO of Aseer Development Authority (ASDA), said private sector investments in Aseer has so far reached SAR 7 billion, with an eye to add SAR 20 billion more.

Accordingly, ASDA targets SAR 27 billion in private sector investments in Aseer, Al-Dabbagh told Argaam in an interview on the sidelines of the Real Estate Future Forum.

The top executive indicated that these investments differ from the major and qualitative investments being undertaken by the Public Investment Fund (PIF), the designs of which have been approved.

Al-Dabbagh also pointed out that the key projects are the AlWadi project at the heart of Abha, where the old riverbed has been revived to be an all-year-round waterway. This is in addition to other developments that include commercial, residential, cultural, and agricultural areas.

He stated that the AlWadi project aims to be a suitable environment for carless pedestrians and visitors, which enhances the tourism experience in the city.

In addition, there is the Soudah development project, situated within one of the alluring mountain areas in Saudi Arabia, with an area of up to 600 square kilometers. It includes tourist resorts, residential areas, and world-class entertainment facilities, the CEO explained.

Investments in the Soudah project exceeds SAR 10 billion. It is being implemented in successive phases until 2028, not to mention subsequent stages extending until 2030 and beyond.

According to Al-Dabbagh, the total value of ongoing real estate investments in Aseer amounts to SAR 27 billion, with some projects poised for completion within one to three years.

He also stated that several local and international real estate developers are working on various projects in Aseer, in cooperation with entities from Saudi Arabia, the GCC, US, Europe, and Turkey.

“Hotel occupancy rates keep improving. Data indicates an annual increase in demand, reflecting the success of development plans. We aim for occupancy to be all year round and not just in summer,” he noted.

As for ASDA’s 2025 targets, Al-Dabbagh stated that it is working on completing and operating the SEVEN entertainment hub, to be one of the first qualitative projects to be completed in the region.

He added that the project, located between Abha and Khamis Mushait near the airport, boasts investments of nearly SAR 1 billion. It is expected to be finalized and open its doors to visitors during 2025.

Furthermore, ASDA aims to achieve and even exceed its investment goals. While it targets attracting 9.1 million visitors annually by 2030, this figure has already almost been approached, as the number of visitors to Aseer reached 7.8 million in the latest statistics.

With the increase in the target number of visitors to the Kingdom from 100 million to 150 million, Aseer is set to witness a boost in the number of its tourists, according to Al-Dabbagh.

Investment in Aseer is witnessing significant development, thanks to an integrated system launched by Emir of Aseer Region and ASDA Chairman Prince Turki bin Talal, which covers three key pillars: the Aseer Investment Committee, the Businessmen and Investment Sector Challenges Solutions Committee, and ASDA, he added.

As for Aseer’s preparations to host the World Cup 2034, Al-Dabbagh clarified that this requires equipping the infrastructure well in advance. He noted that the project includes the construction of a sports stadium within the King Khalid University campus, in addition to areas designated for the accommodation of players and guests.