The Royal Commission for AlUla is already in talks with potential private investors and hospitality brands for participation in the $15bn masterplan.
Around $2bn has already been invested into the AlUla historical development project, and a further $3.2bn is set to be spent on priority infrastructure. These plans include the first 22km of a 46km low-carbon tramway system; the development of a renewable energy network; and the upgrade of a water supply system and wastewater treatment plant.
According to Amr AlMadani, Chief Executive Officer of the Royal Commission for AlUla (RCU): “We are well into executing phase one. This includes the upgrade of the airport, which has been completed. We will start out low-carbon tram development infrastructure as well. And, so far, our visitor experience centres in the heritage and nature sites are being upgraded.”
The full $15bn AlUla masterplan will be developed in three phases in 2023, 2030 and 2035. One of the first opportunities for private participation in the project is in the hospitality sector with 9,400 hotel rooms expected to be included in the project upon completion. Renowned international hospitality brands such as Accor/Banyan Tree and Habitas have already confirmed their participation.
