Saudi Arabia’s AlUla Development Company has formally launched operations as the kingdom transforms the AlUla project into a global tourism destination.
AlUla is one of the world’s largest and oldest cultural sites located in the kingdom, and the new firm is backed by the kingdom’s Public Investment Fund (PIF).
Saudi Arabia to transform AlUla
The new plans for the project include real estate development, asset management, and a long-term investment strategy.
The AlUla Development Company, which will work in collaboration with the Royal Commission for AlUla (RCU) and private sector entities, also said that its investments will open job opportunities for local businesses and communities.
The company will also see the development and operation of residential, retail, commercial, hospitality and infrastructure spaces.
Over 7,500 hotel keys, 5,000 residential units, a staff village of over 1,000 units and supporting infrastructure are also included in the development plan.
The company will also work with local and international experts in architecture, construction, design and heritage conservation to sustainably transform the heritage site, the Saudi state news agency SPA said.
“The real estate business will support the sustainable development and preservation of AlUla, one of the world’s largest and oldest cultural sites, and create jobs and opportunities for Saudi businesses,” the PIF said on its official Twitter account.
The historical site, which has over 200,000 years of history, is considered to be one of the biggest emerging tourist destinations in the kingdom and is a rich destination of human and natural heritage.
The province is home to historic treasures, including the Nabataean city of Hegra, Saudi Arabia’s first UNESCO World Heritage site, and the tombs of Dadan, the stone-built capital of the Dadanite and Lihyanite Kingdoms.
“AlUla Development Company is now an additional pillar to the economic ecosystem in Saudi comprising numerous projects designed to stimulate and benefit the country as well as promote development and investment across various sectors,” the PIF said.
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