Advertisement
Saudi Arabia's AlUla cultural heritage site is preparing to open investment opportunities worth about 6 billion SAR (USD 1.6 billion) for private sector participation. The Royal Commission for AlUla (RCU), which currently receives funding from the Saudi finance ministry, aims to attract private investors as part of the kingdom's Vision 2030 initiative. According to RCU's Chief Tourism Officer, Phillip Jones, around 21 projects will be presented to the market by the end of this year or early next year to further AlUla's tourism and infrastructure development.
Saudi Arabia's renowned AlUla heritage site is set to invite private sector participation for projects valued at nearly 6 billion SAR (USD 1.6 billion), according to Phillip Jones, Chief Tourism Officer of the Royal Commission for AlUla (RCU). Speaking earlier this week at the Reuters NEXT Gulf Summit in Abu Dhabi, Jones mentioned that AlUla, which welcomed about 300,000 visitors in the past year, is primarily financed by the Saudi finance ministry but now seeks to draw in private funding to accelerate its growth. Advertisement
He explained that the site is embarking on a major initiative to attract private investment, with around 21 projects expected to be floated to the market by the end of this year or early next year. Jones noted that the development forms part of Saudi Arabia's Vision 2030, an economic diversification programme initiated by Crown Prince Mohammed bin Salman to reduce dependence on oil revenue.
AlUla, a UNESCO World Heritage Site, is notable for its vast natural landscape, about 60% of which is protected as a national park and thus cannot be developed. The site aims to increase annual visitor numbers to roughly 1 million by 2030. Jones indicated that while an initial public offering is not planned at present, it remains under consideration and could materialise by the end of the decade.
He confirmed that AlUla's operations have not been affected by the ongoing rationalisation drive across the kingdom, adding that its budget has been secured for the next five years. The project has successfully completed its first phase and has now entered the second phase, with a third phase planned in the future. Jones expressed confidence that the second phase would reach completion by 2030, presenting ample investment prospects.
He also mentioned that approximately 70% of AlUla's visitors currently come from the Gulf region, including Saudi nationals, while the remaining 30% represent international tourists from countries such as the United States, Britain, India, various European nations, and China.
With funding secured and structured development phases underway, the heritage site is positioning itself as a global tourism hub while ensuring sustainable growth. As the RCU progresses through its next stages, AlUla is expected to emerge as a vital contributor to the kingdom's non-oil economy and a symbol of its cultural preservation and modernisation efforts.
Source - Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
