AlUla Development Company Launches Operations to Turn the City into Global Tourism Destination

AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation
AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation
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AlUla Development Company Launches Operations to Turn the City into Global Tourism Destination

AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation
AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation

AlUla Development Company is launching operations to support the development of AlUla in Western Saudi Arabia.

The company, which is wholly owned by the Public Investment Fund (PIF), plans to deliver hospitality, residential, retail and infrastructure projects as part of the tourism push.

The entity will work in collaboration 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 7,500+ hotel keys, 5,000 residential units, a staff village comprising 1,000+ units, supporting infrastructure, and more, said a statement issued Monday.

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

"AlUla Development Company will create jobs and opportunities for local businesses and communities whilst preserving one of the world’s largest and oldest cultural sites," the statement said.

"The company’s mandate is in line with PIF’s strategy on unlocking the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy, increase private sector engagement and improve quality of life to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination in line with Vision 2030."



German Central Bank Chief: US Tariffs Would Eat Up German Growth in 2025

President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
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German Central Bank Chief: US Tariffs Would Eat Up German Growth in 2025

President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward

The Bundebank expects growth of 0.7% in Germany in 2026 but this could be eaten up if US tariffs of 30% threatened by President Donald Trump were implemented, the central bank's President Joachim Nagel told Reuters in an interview.

“If tariffs materialize in August, a recession in Germany in 2025 cannot be ruled out,” Nagel said in Durban, South Africa, where the meeting of G20 finance chiefs is taking place on Thursday and Friday.

The 30% tariff on European goods threatened by Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

“The outlook for the German economy has just improved, especially due to the fiscal program that has been announced and is now being implemented by the German federal government, which also sets the right accents: investments in infrastructure, in future technologies,” Nagel said. “But this uncertainty could significantly weaken a positive outlook.”

Also, German Finance Minister Klingbeil told Reuters on Thursday that the European Union should find solutions to its finances without using common borrowing.

Klingbeil said the EU had joint debt in the last few years, but that was in a crisis situation during the COVID pandemic, he said in an interview on the sidelines of a G20 meeting in Durban, South Africa.

“Overall, we need to resolve the finances of the EU differently than through a policy of joint debt,” he said.

“Fortunately, we are not in such a crisis right now,” he added.