The AlUla Development Company, which is owned by the Public Investment Fund (PIF), has formally begun operations to support ambitions to turn the AlUla project into a global tourism destination while retaining its position as one of the world’s largest and oldest cultural sites.
Plans for the AlUla project involve real estate development and asset management, along with a long-term investment strategy. According to AlUla Development Company, its investments will provide jobs and opportunities for local businesses and communities.
To support the development and operation of hospitality, residential, retail, commercial, and infrastructural assets, the company will collaborate with the Royal Commission for AlUla (RCU) and private sector entities.
The AlUla Development Company launches operations that are planned to include 7,500 hotel keys and 5,000 homes
More than 7,500 hotel keys, 5,000 residential units, a staff village containing more than 1,000 units, and supporting infrastructure are planned for development.
The AlUla Development Company will work with local and international experts in architecture, construction, design, heritage and conservation in order to sustainably transform AlUla.
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