Al-Ula Development Company, a company wholly owned by the State Investment Fund, has begun its activities to support and develop Al-Ula through real estate development and asset management in accordance with a long-term investment strategy.
The company said in a statement today, Monday, that the development of Al-Ula will create jobs, opportunities for companies and local communities, while preserving one of the largest and oldest cultural sites in the world.
She added that the company’s strategy is in line with the efforts of the State Investment Fund to develop and support promising sectors in the Kingdom, which contribute to the comprehensive economic impact that promotes the growth of domestic product, the prosperity of the private sector and the improvement of the quality of life, which strengthens the position of the Kingdom at the regional and international levels as a leading tourism and cultural destination in line with the 2030 vision.
AlUla Development Company will focus on helping transform the historic city into a global tourism destination, and will support the development and operation of a global infrastructure portfolio of hospitality, residential, retail, commercial and industrial assets.
Planned projects include more than 7,500 hotel units, 5,000 housing units, a staff complex of more than 1,000 units, industrial facilities, supporting infrastructure, and others.
In line with the strategy of the State Investment Fund, AlUla Development Company will work with local and international experts in architecture, construction, design and heritage conservation to ensure the sustainable transformation of AlUla.
