AlUla's $1.6 Billion Project: A Cultural Transformation

Saudi Arabia's AlUla, a UNESCO World Heritage Site, plans to attract $1.6 billion for private investments. The initiative aims to boost tourism, aligning with Vision 2030 to diversify the economy. By 2030, AlUla expects to have 1 million visitors, with substantial investment opportunities available.

Saudi Arabia's AlUla cultural heritage site is set to offer investment projects totaling $1.6 billion, aimed at enhancing private sector engagement, according to Phillip Jones, the chief tourism officer of the Royal Commission for AlUla.

With 300,000 visitors recorded last year and expectations to reach 1 million by 2030, AlUla presents 21 investment projects, aligning with Crown Prince Mohammed bin Salman's Vision 2030 to diversify the economy beyond oil reliance.

While an IPO is yet to be confirmed, AlUla remains financially stable amid national budget rationalizations and anticipates further developmental phases up to 2030, drawing tourists predominantly from the Gulf region and globally.

(With inputs from agencies.)