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AlUla secures multi-billion-dollar investment for regeneration programme – Business Traveller

The Royal Commission for AlUla (RCU) has signed two strategic partnerships that will further accelerate the regeneration of the region as it moves from the planning stage to implementation following the launch of its masterplan in April 2021.

The agreements with AECOM and an international French consortium comprising Egis, Assystem and Setec set out a comprehensive development timeline based around three phases that lead up to 2035.

The Phase 1 development amounts to more than US$15 billion invested in AlUla’s core 20km historical area. This incorporates social, economic and sustainability projects in five unique hubs with a focus on infrastructure, hospitality, arts and culture, and community development.

The partnerships will enhance business and investment opportunities from 2022, accelerating the revitalisation of AlUla as a responsible, sustainable and community-inclusive destination.

Since unveiling its Journey Through Time masterplan in April 2021, the RCU has made significant progress in developing AlUla as a living museum, while diversifying the economy and creating a vibrant community.

To date, $2 billion has been invested in key development projects including expanding AlUla International Airport, completing the stunning and architecturally awarded Maraya venue, completing water and power-plant infrastructure in the Ashar Valley, and bolstering AlUla County’s security infrastructure.

By 2035, RCU forecasts that AlUla’s population will more than triple to 130,000 with 38,000 new jobs created and AlUla contributing $32 billion to Saudi Arabia’s GDP.

Additionally, 80 per cent of AlUla County will be home to nature reserves, with key flora and fauna reintroduced.

rcu.gov.sa

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