The new entity will utilise real estate development and asset management, alongside a long-term investment strategy, to create jobs and opportunities for local businesses and communities
The PIF-owned AlUla Development Company has launched operations in support of the development of AlUla, it has been announced.
According to a statement, the new entity will utilise real estate development and asset management, alongside a long-term investment strategy, to create jobs and opportunities for local businesses and communities. Furthermore, it will work to preserve one of the world’s largest and oldest cultural sites.
It highlighted that the company would work closely with local and international experts in architecture, construction, design, and heritage conservation to deliver the sustainable transformation of AlUla.
The company’s mandate is in line with PIF’s strategy, which is focused on unlocking the capabilities of promising sectors in Saudi Arabia, which will help drive the diversification of the economy, increase private sector engagement, and improve the quality of life in the country, in line with Vision 2030.
In early October 2022, AECOM opened a new office to support projects by the Royal Commission for AlUla and, later in the month, the Royal Commission for AlUla showed off the design of its first neighbourhood.
The company has been tasked with advancing the next chapter of AlUla’s extraordinary legacy and transform the ancient city into a global tourist destination. It will work in collaboration with RCU and other private sector entities to support the development and operation of a world-class portfolio of hospitality, residential, retail, commercial, and infrastructure assets.
The AlUla Development Company will be an additional pillar to the economic ecosystem in Saudi Arabia, which comprises of a number of projects that have been designed to stimulate and benefit the country, as well promote development and investment across a number of sectors.
The planned developers in AlUla include 7,500 plus hotel keys, 5,000 residential units, a staff village comprising of 1,000 plus units, supporting infrastructure and more, the statement concluded.