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Saudi Arabia launches Soudah Development Company that will lead a $3 bln project

Saudi Arabia's Crown Prince Mohammed bin Salman has announced the launch of Soudah Development Company (SDC) in the Asir region that will lead the development of a luxury mountain destination and will infuse $3 billion (SAR 11 billion) into infrastructure and tourism projects, according to a statement.The statement added that the new entity is fully owned by the Public Investment Fund (PIF).For all the latest headlines follow our Google News channel online or via the app.“SDC has been launched to be a key driver of the Kingdom’s Vision 2030 ambitions, SDC will infuse USD 3 billion (SAR 11 billion) into infrastructure and tourism projects, aimed at enhancing the visitor experience in Soudah and parts of Rijal Alma’a Governorate,” the press release added.The statement added that the planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions. SDC aims to develop Soudah and Rijal Alma’a into a repeat, year-long sustainable destination for residents and visitors that will contribute an estimate of USD 8 billion (SAR 29 billion) to the Kingdom’s cumulative GDP by 2030.SDC intends to partner and collaborate with the local community and private sector to build a robust and diverse network of yearlong offerings across the hospitality, residential, commercial and entertainment sectors. It aims to attract over 2 million visitors annually targeting the adventure seekers and culture travelers that are looking for unique experiences. It is also forecasting to create 8,000 direct and indirect permanent jobs by 2030.Yasir Othman Al-Rumayyan, Governor for the Public Investment Fund, said: “Our investment in the Asir region reflects our confidence in the character of the location, which is a rich amalgamation of identity, heritage and experience. Through careful and considerate development, (SDC) will provide yet another remarkable destination in the diverse and growing portfolio of Saudi Arabian experiences capturing the imagination of a broad range of investors and travelers.”The destination adds another dimension to Saudi Arabia’s ambitious tourism goals and complements those destinations being created on the Red Sea coast and around the capital city of Riyadh.SDC aims to create a roadmap to transform the region’s vast public areas into a diverse landscape that organically and respectfully integrates yearlong adventure and culture tourism, while highlighting the region’s distinct culture, geography, and its verdant nature. Preserving the environmental integrity of the destination will be a priority and the development will follow a rigorous regulatory framework and urban planning code.Read more:PIF funding to come from infrastructure investment, Aramco IPOs: Saudi Crown PrinceIn rare foray, Saudi PIF invests in NBK Capital Partners’ sharia credit fundSaudi sovereign wealth fund PIF boosts US equities exposure to nearly $12.8 bln
Source: Al Arabiya
Full Article: Saudi Arabia launches Soudah Development Company that will lead a bln project

Top US general warns Iran, says Taliban not breaking with al-Qaeda

The United States always reserves the right to respond to attacks “at a time and place of our choosing,” a senior US general said Wednesday, adding that “the memory and reach of the US are very long.”The head of US Central Command (CENTCOM) Gen. Kenneth McKenzie said this was shown in 2020 when a US drone strike killed both the head of Iran’s Quds Force and the deputy leader of an Iran-backed Iraqi militia.For all the latest headlines, follow our Google News channel online or via the app.Speaking to the Beirut Institute during a webinar, McKenzie also touched on other areas in the Middle East where US troops are present.AfghanistanThere are “legitimate doubts” about whether the Taliban is following through on its commitments made during last year’s peace talks with the United States,McKenzie said that the Taliban had refrained from attacking US-Coalition troops, but there were still worrying signs.“Right now, as we speak today, there are some legitimate doubts about the Taliban’s commitments,” he told the Beirut Institute during a webinar.These include no signs of the Taliban breaking with al-Qaeda. “The violence, while too high on both sides, in my judgment, rests on the Taliban,” McKenzie said.Asked about US troops in Afghanistan, he said there were 2,500 remaining. But there are close to 5,000 NATO forces as well, according to the US general.IraqThe US has achieved state-on-state deterrence with Iran, but it continues to have a level of “contested deterrence,” McKenzie said.“We still see Iranian proxies seek to attack our allies and partners in Iraq … and Saudi Arabia is under constant attack. What Iran believes is that these can be non-attributed to Iran,” he said.But the Iraqi government wants the US to remain in the country and this is frustrating Iran, according to McKenzie. “Iraq faces significant economic and other problems; they want an international presence to remain. That has very much frustrated Iran.”Read more: Biden has first phone call with Iraq PM, second to a Middle East leaderSyriaInside Syria, there is a US presence of around 900 troops. “We are there to work with the [Syrian Democratic Forces] to finish ISIS off, up and down the Euphrates River valley,” McKenzie said.As for Russia’s presence inside Syria, McKenzie said it was looking for inroads in the region. “They’ll use that to sell military equipment to whoever will buy it. They’re actively looking to undermine US interests in the region,” he said.“Our posture is clear about why we’re there, to fight ISIS. I’m not sure how they see their long-term goals.”LebanonIn Lebanon, McKenzie said the US would continue its support for the Lebanese Army. But he would not elaborate or answer if the weapons and type of military aid would be upgraded.“Lebanon’s in the queue with everyone else,” he said, referring to the Biden administration’s current process of reviewing aid to foreign countries.The country, which is experiencing one of its worst economic, financial and social crises in recent history, continues to move forward without a fully functioning government.A massive explosion ripped through Lebanon's capital last August, and the coronavirus pandemic has further deteriorated the situation.But the Beirut blast gives Lebanon an opportunity to move forward, according to McKenzie. “I’ve been to Lebanon once, and it is one of the most beautiful places I’ve ever seen.”The US general revealed that he was planning to visit Beirut in the spring, without elaborating on specific dates.Read more:US working to integrate Saudi Arabia’s missile defense system with neighbors: CENTCOMGerman government agrees to extend by 10 months its military presence in Afghanistan
Source: Al Arabiya
Full Article: Top US general warns Iran, says Taliban not breaking with al-Qaeda

Biden to hold phone call with Saudi Arabia’s King Salman soon: White House

US President Joe Biden will have a phone call with Saudi Arabia’s King Salman bin Abdulaziz “soon,” a White House official said Wednesday.“We expect that to happen soon. We’re still in the process of scheduling when that will happen,” Jen Psaki told reporters during the daily White House briefing.For all the latest headlines, follow our Google News channel online or via the app.Asked about what was expected to be discussed, Psaki refused to preview. “They’ll cover a range of topics,” she said.Despite the Biden administration taking a less amicable approach toward Riyadh than previous US administrations, Psaki cited Washington’s “long relationship” with Saudi Arabia.“There are areas we will work with the Kingdom Saudi Arabia on, including ensuring that they have the protections they need to face the threats facing them,” she added.
Source: Al Arabiya
Full Article: Biden to hold phone call with Saudi Arabia’s King Salman soon: White House