Saudi group launches operations to boost AlUla development

Saudi group launches operations to boost AlUla development

Saudi Arabia - 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