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."