AlUla Development Company, a division of the Public Investment Fund (PIF), has begun operations to aid in the development of the AlUla region, aiming to deliver hospitality, residential, retail, and infrastructure projects from inception to completion in order to transform AlUla into a global tourism destination.
Revealing its new plan, AlUla Development Company stated through real estate development and asset management, along with a long-term investment strategy, it will generate jobs and opportunities for local businesses and communities, and at the same time preserve one of the world’s largest and oldest cultural sites.
The company says it will write the next chapter in AlUla’s unique legacy and transform the old city into a global tourism destination.
The company says it will write the next chapter in AlUla’s unique legacy
AlUla Development Company said that it will collaborate with RCU and private sector companies to create and operate 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, and a staff village containing 1,000+ units.
AlUla Development Company said that it will collaborate with RCU and private sector companies to create and operate a world-class portfolio
A company spokesman commented: “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 the 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.”
AlUla Development Company will work closely with both local and global experts in architecture, construction, design and heritage conservation to provide sustainable transformation for AlUla, he concluded.
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