Tourists visiting the ancient archaeological site of Hegra in AlUla, Saudi Arabia. Bloomberg
Tourists visiting the ancient archaeological site of Hegra in AlUla, Saudi Arabia. Bloomberg
Tourists visiting the ancient archaeological site of Hegra in AlUla, Saudi Arabia. Bloomberg
Tourists visiting the ancient archaeological site of Hegra in AlUla, Saudi Arabia. Bloomberg

PIF-owned AlUla Development Company launched to turn tourism site into global destination


Ian Oxborrow
  • English
  • Arabic

AlUla Development Company is launching operations with the aim of turning the city into a global tourism destination in Saudi Arabia.

The company, which is wholly owned by the Public Investment Fund (PIF), plans to deliver hospitality, residential, retail and infrastructure projects as part of the tourism push.

Planned developments include more than 7,500 hotel keys, 5,000 residential units, a staff village comprising more than 1,000 units, as well as infrastructure support, according to a statement on Monday.

"AlUla Development Company will create jobs and opportunities for local businesses and communities whilst preserving one of the world’s largest and oldest cultural sites," the statement said.

"The company’s mandate is in line with PIF’s strategy on unlocking the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy, increase private sector engagement and improve quality of life to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination in line with Vision 2030."

The company will work in collaboration with the Royal Commission of AlUla (RCU) and private sector entities.

AlUla is expected to contribute about 120 billion Saudi riyals ($32 billion) to Saudi Arabia’s economy.

Saudi megaprojects 2023: Neom, AlUla and more

  • The Line is one of 10 districts in Saudi Arabia's $500 billion Neom megacity. Photo: Neom
    The Line is one of 10 districts in Saudi Arabia's $500 billion Neom megacity. Photo: Neom
  • Sindalah Island is set to be the first destination open to the public within the Neom mega project. Photo: Neom
    Sindalah Island is set to be the first destination open to the public within the Neom mega project. Photo: Neom
  • Trojena, a mountain tourism destination, will be the first major outdoor skiing site in the GCC. Photo: Neom
    Trojena, a mountain tourism destination, will be the first major outdoor skiing site in the GCC. Photo: Neom
  • Oxagon, part of the Neom mega project, is a futuristic new industrial city in the sea. Photo: Neom
    Oxagon, part of the Neom mega project, is a futuristic new industrial city in the sea. Photo: Neom
  • AlUla is a budding tourist magnet in the north-western Madinah region. AFP
    AlUla is a budding tourist magnet in the north-western Madinah region. AFP
  • When it opens in 2023, Nujuma, a Ritz-Carlton Reserve, will form part of The Red Sea project. Photo: Marriott International
    When it opens in 2023, Nujuma, a Ritz-Carlton Reserve, will form part of The Red Sea project. Photo: Marriott International
  • Amaala has unveiled the design for its Triple Bay Yacht Club. Photo: Amaala
    Amaala has unveiled the design for its Triple Bay Yacht Club. Photo: Amaala
  • Qiddiya City is an entertainment development project to be established in Riyadh.
    Qiddiya City is an entertainment development project to be established in Riyadh.
  • Salwa Palace is the largest standing structure in the historic city of Diriyah. Photo: Diriyah Gate Development Authority
    Salwa Palace is the largest standing structure in the historic city of Diriyah. Photo: Diriyah Gate Development Authority
  • A screen grab of aerial footage of the King Salman Park in Riyadh. The project is set to become the world’s biggest urban park.
    A screen grab of aerial footage of the King Salman Park in Riyadh. The project is set to become the world’s biggest urban park.

The RCU forecasts that the population of the area will triple to 130,000 by 2035, generating about 38,000 new jobs.

The RCU was established in 2017 to preserve and develop AlUla, in line with the heritage and preservation priorities of Saudi Arabia’s Vision 2030 programme.

AlUla is among a number of projects in Saudi Arabia which form part of its diversification efforts.

Others include the $500 billion Neom smart city in the north-west of the kingdom, the Red Sea Project, which includes an archipelago of 92 islands, 50 dormant volcanoes, mountain ranges and sand dunes, and Ad Diriyah, the 300-year-old city considered to be the birthplace and capital of the first Saudi state.

Visitors to Saudi Arabia spent 27 billion riyals during the first six months of last year, making tourism one of the kingdom's most promising sectors.

The Ministry of Investment said 3.6 million foreign tourists visited the kingdom during the second quarter of the year, greatly contributing to a plan to diversify sources of income as part of Vision 2030.

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Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Key developments

All times UTC 4

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

Updated: January 30, 2023, 1:44 PM