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AIUIa Development Co. In Support Of Sustainable Development | |
| Sumita Pawar |
The AlUla Development Co., which is owned by Saudi Arabia's Public Investment Fund, has started doing business to help the province grow in a sustainable way.
As the Kingdom continues its green tourism journey in line with the targets outlined in Vision 2030,
A press release put out by the company and PIF says that the company's operations are meant to make AlUla a top tourist and cultural destination.
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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, stated the report.
It further highlighted that this includes planned development projects in AlUla that 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 Al-Ula, one of the world’s largest and oldest cultural sites, and create jobs and opportunities for Saudi businesses."
According to the report, Al-Ula is widely considered one of the hottest emerging tourist destinations in Saudi Arabia. AlUla is a rich destination of human and natural heritage with over 200,000 years of history.
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, "Al Ula Development Company is now an additional pillar to the economic ecosystem in Saudi Arabia, 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 also said that the 10-year partnership will bring the number of AlUla employees from 40 to 200.