Al-Ula Development Company (UDC; ) is a

hospitality Hospitality is the relationship of a host towards a guest, wherein the host receives the guest with some amount of goodwill and welcome. This includes the reception and entertainment of guests, visitors, or strangers. Louis de Jaucourt, Louis, ...

and

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parce ...

company based in

Al-Ula al-Ula (), officially AlUla, is an ancient Arabian oasis city and governorate located in Medina Province, Saudi Arabia, northwest of the city of Medina. Situated in the Hejaz, a region that features prominently in the history of Islam as well ...

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

. The company was founded in January 2023 by the

Public Investment Fund The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...

as part of

Saudi Vision 2030 Saudi Vision 2030 (, sometimes called Project 2030) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi crown pri ...

. The company aims to transform Al-Ula into a global tourist destination.

History

UDC was officially launched by the Public Investment Fund in January 30, 2021 as part of

plan to diversify the

Saudi Economy The economy of Saudi Arabia is highly reliant on its petroleum sector. Oil accounts for approximately 30% of Saudi GDP and 55% of government revenue, with substantial fluctuations depending on oil prices each year. The kingdom has the seco ...

away from

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) and lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturate ...

. UDC, in collaboration with the

Royal Commission for Al-Ula Royal Commission for al-Ula (RCU; ) is a Saudi commission established in July 2017 to preserve and develop the 2,000-year-old archaeological and historical site of al-Ula north-western Saudi Arabia. Importance of al-Ula Al-Ula is the home of T ...

, aim to turn

into a global tourist destination. In September 13, 2023, signed an agreement with

Marriott International Marriott International, Inc. is an American multinational corporation, multinational company that operates, franchises, and licenses lodging brands that include hotel, residential, and timeshare properties. Marriott International owns over 37 ho ...

to open a 250-key hotel in Al-Ula. The hotel is set to open in 2025. In October 30, 2023, UDC signed an agreement with Six Senses to open a hotel in Al-Ula. The hotel features 100 guest villas and 25 residences. The hotel is expected to be completed in 2027.

Assets

As of March 2024, there are 5 operating assets under Al-Ula Development Company, which are: Al Ula 9

Habitas Habitas (stylized all caps HABITAS) is a hospitality management group. It operates hotels with its flagship location in Tulum, Mexico. In addition to its flagship hotel in Tulum, it is building other hotel properties throughout Mexico and Namibia ...

AlUla * Caravan by

Banyan Tree AlUla Banyan Tree AlUla is a luxury resort hotel located in Wadi Ashar, Al-'Ula, Saudi Arabia. The hotel opened in October 2022, with Mariah Carey performing at its opening ceremony. It consists of 79 luxury tents in the desert. The resort features an ...

* Cloud7 Residence AlUla * Maraya Concert Hall

References

External links

Official Website
{{Saudi Arabia topics Business organisations based in Saudi Arabia Public Investment Fund

History

Assets

See also

References

External links