Saudi fund commits $3bn for mountain resort plan ...Qatar

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Saudi fund commits $3bn for mountain resort plan
Saudi Arabia’s sovereign wealth fund will invest almost $3bn on a tourism project in a mountainous region near the kingdom’s border with Yemen. The Public Investment Fund will provide 11bn riyals to Soudah Development Co, which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia, according to Husameddin AlMadani, Soudah’s chief executive officer. The kingdom has been largely shut off to foreign tourists for decades, while citizens preferred to go on holiday abroad. But Crown Prince Mohammed bin Salman is trying to open up the country and diversify the economy from oil. “Many of us living in Saudi Arabia didn’t know this destinati

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