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 Abha region, coming up on a 300,000 sq m area at a total investment of more than SAR4 billion ($1.04 billion).

A major Saudi investment and real estate development company based in Al Khobar region, 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).

The deal was inked under the patronage of Prince Turki bin Talal, Governor of Asir Region and Chairman of the Aseer Development Authority.

Located in the heart of the Al Wadi district in Abha, the project includes the development of secondary infrastructure and urban components to create an integrated mixed-use destination featuring residential units, upscale hospitality, retail, entertainment and cultural facilities, as well as public spaces.-TradeArabia News Service