Saudi Arabia: AlUla to offer investment opportunities worth $1.6 billion to private investors
Saudi Arabia’s historic AlUla
heritage site is set to open up projects worth 6 billion riyals ($1.6 billion)
for private sector investment, according to Phillip Jones, Chief Tourism
Officer at the Royal Commission for AlUla (RCU).
Speaking at the Reuters NEXT Gulf
Summit in Abu Dhabi, Jones said the initiative marks a key step in expanding
private participation in AlUla’s development, which has so far been primarily
funded by the Saudi Ministry of Finance.
AlUla, a UNESCO World Heritage Site
that welcomed 300,000 visitors in 2024, aims to attract 1 million tourists
annually by 2030. Around 60% of the site is protected as a national park,
ensuring sustainable development while preserving its cultural and
environmental significance.
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“We’re embarking on a major
initiative to secure private sector investment,” Jones said. “About 21
projects—valued at roughly 6 billion riyals—will be offered to the market
between the end of this year and early next year.”
The development drive forms part of
Saudi Vision 2030, the kingdom’s national strategy to diversify its economy
beyond oil, spearheaded by Crown Prince Mohammed bin Salman.
While Jones noted that a public
listing is “not yet” on the table, he acknowledged it is being considered as a
long-term option that could materialize by the end of the decade.
He added that AlUla’s operations
remain unaffected by the government’s ongoing budget rationalization program
and that funding for the next five years has already been secured.
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“We’ve completed Phase One and are
now entering Phase Two, with Phase Three to follow—each bringing new investment
opportunities,” Jones explained, noting that the second phase is expected to
conclude by 2030.
Currently, about 70% of visitors to
AlUla come from the Gulf region, including domestic travelers from Saudi
Arabia, while the remaining 30% arrive from markets such as the United States,
the United Kingdom, India, Europe, and China.
Source: Reuters
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