AlUla projects offer USD15 billion of public-private partnership opportunities
The Journey Through Time Masterplan, the regeneration project from The Royal Commission for AlUla offers opportunities for responsible investment in public-private partnership projects valued at USD 15 billion.
The Masterplan, a roadmap to protect 200,000 years of natural and human history across the 20km-long core historical area of AlUla, is anchored by the regeneration of five heritage districts. It aims to set the benchmark for responsible and impactful investment in destination development by building social, economic and environmental sustainability into its blueprint. The masterplan aims to create a robust investment opportunity in AlUla, contributing to the diversification of the Saudi economy and creation of jobs as well as wider opportunities for the local community – all key goals of Saudi Vision 2030.
An estimated USD 3.2 billion will be injected into developing AlUla's priority infrastructure, a key component to unlocking AlUla's future as a sustainable development destination. The Royal Commission for AlUla is committed to de-risking future investments for partners and will support the development of heritage assets and primary infrastructure. It has already invested in USD 2 billion in development projects including the expansion of AlUla International Airport, bolstering the county's security infrastructure and developing key tourism assets including Ashar estate and the iconic Maraya multi-purpose venue.
Amr AlMadani, Chief Executive Officer of the Royal Commission for AlUla said, "With an estimated total development value of over USD 15 billion, The Journey Through Time Masterplan is an important opportunity to showcase AlUla's full potential. By de-risking investment opportunities through our USD 2 billion (SAR 7.5 billion) seed funding and creating a robust governance framework, we have created a platform for responsible and sustainable development to regenerate a unique location featuring a UNESCO World Heritage Site. With USD 3.2 billion reserved for priority primary infrastructure, the development of AlUla will be anchored in building strong foundations as well as safeguarding AlUla's cultural and heritage assets."
In parallel, the wider development strategy for AlUla – encompassing multiple masterplans – will lay the foundations for a strong tourism industry with a total of 9,400 hotel keys by 2035, of which 5,000 keys will sit within the Journey Through Time Masterplan.