AlUla Development Company, a unit of Saudi wealth fund PIF (Public Investment Fund), is launching operations to support the development of AlUla region.
From inception to completion, the company plans to deliver hospitality, residential, retail and infrastructure projects to turn AlUla into a global tourism destination.
Unveiling its new plan, AlUla Development Company said through real estate development and asset management along with a long-term investment strategy, it will create jobs and opportunities for local businesses and communities whilst preserving one of the world’s largest and oldest cultural sites.
The company will advance the next chapter of AlUla’s extraordinary legacy and transform the ancient city into a global tourism destination, it stated.
The Saudi entity said it will work in collaboration with RCU and private sector entities to support the development and operation of a world-class portfolio of global hospitality, residential, retail, commercial and infrastructure assets within the Unesco heritage region.
The planned developments include 7,500+ hotel keys, 5,000 residential units, a staff village comprising 1,000+ units as well as supporting the infrastructure.
"Our mandate is in line with PIF’s strategy on unlocking the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of economy, increase private sector engagement and improve quality of life to support its position regionally and internationally as a leading tourism and cultural destination in line with Vision 2030," said a company spokesman.
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, he stated.
AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation to deliver the sustainable transformation of AlUla, he added.-TradeArabia News Service