New Launch - India Real Estate Report 2026.
Ardara Company, a unit of Saudi Arabia's sovereign wealth fund PIF, has joined hands with Sumou Holding for the launch of the second phase of its prime Al Wadi development in the Abha region. The project is coming up on a 300,000 square metre area at a total investment of more than SAR4 billion ($1.04 billion), making it one of the larger real estate commitments announced for the Abha region to date.
The scale of the investment reflects the growing interest in developing large, integrated destinations outside Saudi Arabia's largest cities.
Second phase of Al Wadi spans 300,000 sq m
Sumou, a major Saudi investment and real estate development company based in the Al Khobar region, is partnering with PIF-backed Ardara on the expanded phase of Al Wadi. Located in the heart of the Al Wadi district in Abha, the second phase builds on the existing development, extending its footprint across the full 300,000 square metre site.
The partnership brings together Ardara's backing from PIF with Sumou's regional development experience as the project moves into this next stage.
Also Read: RCRC Completes 456 Sq Km Master Plan for Northeast Riyadh
A closed-ended investment fund regulated by the CMA
Sumou said the project will be undertaken through the establishment of a closed-ended real estate investment fund regulated by the Capital Market Authority (CMA), giving the development a formal regulatory structure for its funding and execution.
This fund structure is intended to channel investment into the project under a defined regulatory framework overseen by the CMA. The deal was inked under the patronage of Prince Turki bin Talal, Governor of Asir Region and Chairman of the Aseer Development Authority, underscoring the regional government's involvement in the project.
What the mixed-use destination will include
The project includes the development of secondary infrastructure and urban components to create an integrated mixed-use destination. Planned features include:
- Residential units
- Upscale hospitality
- Retail facilities
- Entertainment and cultural facilities
- Public spaces
Together, these components are intended to position Al Wadi as a comprehensive, self-contained destination within Abha, combining residential, commercial and leisure offerings alongside the necessary infrastructure and urban planning within a single integrated development.
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