PIF’s AlUla Development launches operations

Through real estate development and asset management, along with a long-term investment strategy, AlUla Development will create jobs and opportunities for local businesses and communities. This is besides preserving one of the world’s largest and oldest cultural sites, according to a press statement. 

Furthermore, the developer’s mandate is in line with PIF’s strategy to unlock the capabilities of promising sectors in Saudi Arabia that can help drive economic diversification, increase private-sector engagement and improve quality of life. This is to position Saudi Arabia as a leading tourism and cultural hub regionally and internationally, in line with the Saudi Vision 2030. 

AlUla Development will also advance the next chapter of AlUla’s extraordinary legacy and transform the ancient city into a global tourism destination. The developer will collaborate with the Royal Commission for AlUla (RCU) and private-sector entities to support the development and operation of a world-class portfolio of global hospitality, residential, retail, commercial and infrastructure assets. 

The planned developments include more than 7,500 hotel keys, 5,000 residential units, a staff village comprising more than 1,000 properties, a supporting infrastructure and more. 

Moreover, AlUla Development will work closely with local and international experts in architecture, construction, design and heritage conservation to deliver the sustainable transformation of AlUla.