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PIF’s AlUla Development Co. launches operation to support sustainable development
RIYADH: The AlUla Development Co., fully owned by Saudi Arabia’s Public Investment Fund, has begun its operations to support sustainable development in the province, as the Kingdom continues its green tourism journey in line with the targets outlined in Vision 2030.
The operations of the company are aiming to position AlUla as a leading tourist and cultural destination, according to a joint press release issued by the firm and PIF.
The company, also known as UDC, will work in collaboration with the Royal Commission of AlUla and various private sector entities to support the development and operation of a world-class portfolio of global hospitality, residential, retail, commercial and infrastructure assets.
This includes planned development projects in AlUla which will create over 7,500 hotel rooms, 5,000 residential units, a staff village comprising more than 1,000 units, and other supporting infrastructure.
On its official Twitter account the PIF wrote: “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.”
AlUla is widely considered one of the hottest emerging tourist destinations in Saudi Arabia. With more than 200,000 years of history, AlUla 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.
The press release added: “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.”
In October 2022, the Royal Commission of AlUla and a consortium of French engineering companies – Egis, Setec and Assystem – signed a Memorandum of Understanding at the Future Investment Initiative to reinforce partnership and support the infrastructure development in the historical city.
The press release further noted that the ten-year alliance will quintuple the consortium’s AlUla workforce from 40 to 200.
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