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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
TT
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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."

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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.