Saudi Arabia's AlUla: A Golden Opportunity for Investors

AlUla, a UNESCO World Heritage Site in Saudi Arabia, is opening its doors to private investors as part of the country's Vision 2030 plan to reduce dependence on oil and boost tourism.

Ambitious Goals and Projects

The site, which saw 300,000 visitors last year, aims to welcome 1 million visitors by 2030. To achieve this, AlUla is offering 21 projects worth 6 billion riyals ($1.6 billion) for private sector involvement.

Leadership and Future Plans

The Royal Commission for AlUla (RCU) is spearheading this initiative. Phillip Jones, the chief tourism officer, shared these plans at the Reuters NEXT Gulf Summit in Abu Dhabi. He mentioned that an initial public offering (IPO) is not yet on the table but is being considered for the future.

Balancing Preservation and Development

AlUla is not just a historical site; it's also a national park. About 60% of the area is protected and cannot be developed. This balance between preservation and development is crucial for the site's future.

Diverse Visitor Base

Currently, 70% of visitors come from the Gulf region, including Saudi Arabia. The remaining 30% are from countries like the United States, Britain, India, Europe, and China. This diverse visitor base shows AlUla's potential to attract global tourists.

Phased Development Approach

The site is divided into three phases of development. Phase one is complete, and phase two is underway, with completion expected by 2030. This phased approach ensures sustainable growth and plenty of investment opportunities.

Financial Stability

AlUla has secured its budget for the next five years, unaffected by the kingdom's rationalization program. This financial stability makes it an attractive option for investors looking for long-term opportunities.