Saudi Heritage Site AlUla to Offer $1.6 Billion in Projects for Private Sector Investment
- SAUDI ARABIA BREAKING NEWS
- 1 day ago
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Abu Dhabi, October 23 (Saudi Arabia Breaking News) – Saudi Arabia’s AlUla, one of the Kingdom’s most prominent cultural heritage and tourism destinations, will offer projects worth 6 billion riyals ($1.6 billion) for private sector participation, according to Phillip Jones, Chief Tourism Officer of the Royal Commission for AlUla (RCU).
Speaking at the Reuters NEXT Gulf Summit in Abu Dhabi, Jones said the RCU aims to attract new private investment to complement funding from the Saudi Ministry of Finance, which has been the main backer of AlUla’s development so far.
AlUla, a UNESCO World Heritage Site, welcomed around 300,000 visitors in 2024 and targets 1 million annual visitors by 2030. Approximately 60% of the site is designated as a national park, restricting development to preserve its archaeological and natural integrity.
“We’re embarking on a major initiative to secure private sector investment, with about 6 billion riyals in opportunities across 21 projects, which we plan to bring to the market by the end of this year or early next year,” Jones said.
He added that while an initial public offering (IPO) is not yet planned, it remains under consideration, with a potential listing possible by the end of the decade.
The AlUla project forms part of Saudi Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016 to diversify the economy and reduce dependence on oil revenues through investment in tourism, culture, and heritage.
Jones confirmed that AlUla’s development budget is secured for the next five years, noting that the site has not been affected by the Kingdom’s rationalization program. He said phase one of development has been completed, phase two is now underway and expected to finish by 2030, followed by phase three.
According to Jones, about 70% of AlUla’s visitors are from the Gulf region, including Saudi Arabia, while the remaining 30% come from international markets, including the United States, United Kingdom, India, Europe, and China.
