In Saudi Arabia, heritage tourism is shaping up as a key driver for sustainable growth. At the forefront of these flagship sites is AlUla, a natural and human heritage site with more than 200,000 years of history.
Now, the AlUla Development Company, owned by Saudi Arabia’s Public Investment Fund, has launched operations to turn the city into a global tourist and cultural destination, which is projected to contribute $32 billion to the national GDP, and create 38,000 new jobs.
The business will cooperate with the Royal Commission of AlUla and several private sector organizations to support the creation and management of a top-tier portfolio of international infrastructure, residential, retail, and commercial, and hospitality assets.
This includes projects slated for development in AlUla that will add more than 7,500 hotel rooms, 5,000 residential units, a staff village with more than 1,000 units, and other auxiliary facilities.
“AlUla Development Company is now an additional pillar to the economic ecosystem in Saudi comprising numerous projects designed to stimulate and benefit the country as well as promote development and investment across various sectors,” according to the press statement. AlUla aims to be net carbon-neutral by 2035 for local emissions, and increasingly use renewable energy; increase the amount of land regeneration; reduce space-cooling consumption.