- With an estimated total development value of over USD 15 billion (SAR 57 
billion), the world's largest oasis regeneration project – The Journey Through 
Time Masterplan [https://ucl.rcu.gov.sa/] – will create opportunities for 
responsible investment

- USD 3.2 billion (SAR 12 billion) to be dedicated to the development of 
priority primary infrastructure with opportunities for private investment

- USD 2 billion in government-backed seed funding already invested in critical 
projects, de-risking investment opportunities

On the anniversary of the announcement of Vision 2030, The Royal Commission for 
AlUla (RCU) today confirmed that its regeneration project – The Journey Through 
Time Masterplan – represents a USD 15 billion (SAR 57 billion) opportunity for 
responsible investment in public-private partnership projects.

The Journey Through Time Masterplan, a roadmap to protect 200,000 years of 
natural and human history across the 20km-long core historical area of AlUla, 
is anchored by the regeneration of five heritage districts. It aims to set the 
benchmark for responsible and impactful investment in destination development 
by building social, economic and environmental sustainability into its 
blueprint. The masterplan aims to create a robust investment opportunity in 
AlUla, contributing to the diversification of the Saudi economy and creation of 
jobs as well as wider opportunities for the local community – all key goals of 
Saudi Vision 2030. 

"With an estimated total development value of over USD 15 billion, The Journey 
Through Time Masterplan is an important opportunity to showcase AlUla's full 
potential. By de-risking investment opportunities through our USD 2 billion 
(SAR 7.5 billion) seed funding and creating a robust governance framework, we 
have created a platform for responsible and sustainable development to 
regenerate a unique location featuring a UNESCO World Heritage Site," stated 
Amr AlMadani, Chief Executive Officer of the Royal Commission for AlUla. "With 
USD 3.2 billion reserved for priority primary infrastructure, the development 
of AlUla will be anchored in building strong foundations as well as 
safeguarding AlUla's cultural and heritage assets." 

An estimated USD 3.2 billion will be injected into developing AlUla's priority 
infrastructure, A key component to unlocking AlUla's future as a sustainable 
development destination, this will include a 46km low-carbon tramway (22km for 
the first phase); increasing clean power capacity, with at least 50% of demand 
supplied through renewable energies by 2035; increasing potable water capacity, 
with a centralised and upgraded water supply system including a new water 
supply of desalinated water and a tailor-made water conservation programme; and 
increasing wastewater capacity with an upgrade of the wastewater treatment 
plant in Mughayra. 

The RCU is committed to de-risking future investments for partners and will 
support the development of heritage assets and primary infrastructure. It has 
already invested in USD 2 billion in development projects including the 
expansion of AlUla International Airport, bolstering the county's security 
infrastructure and developing key tourism assets including Ashar estate and the 
iconic Maraya multi-purpose venue. 

In parallel, the wider development strategy for AlUla – encompassing multiple 
masterplans – will lay the foundations for a strong tourism industry with a 
total of 9,400 hotel keys by 2035, of which 5,000 keys will sit within the 
Journey Through Time Masterplan.

The tourism potential of AlUla is evident in the interest it has generated 
amongst hoteliers and designers, including global luxury brands Aman, 
Accor/Banyan Tree and Habitas. AlUla will also play host to a one-of-its-kind 
property designed by leading architecture firm Atelier Jean Nouvel that will 
revive the 2,000-year-old architectural legacy of the ancient Nabataeans. 

AlUla's development strategy is guided by the AlUla Sustainability Charter, 
which sets the ground for adherence to a carbon-neutral strategy and circular 
economy principles, robust resiliency policies around development in heritage 
and environmentally sensitive areas, as well as flood and improved water 
management and vegetation planting. The masterplan will also contribute to the 
Saudi Green Initiative by expanding AlUla's green and open spaces up to 10 
million square meters.

With investment opportunities meeting robust environmental, social and 
corporate governance criteria, AlUla is creating investment opportunities in 
new and vibrant sectors of the Kingdom's economy. As part of the masterplan, 
AlUla offers a rich portfolio of investment opportunities across multiple asset 
classes: landmark cultural projects; social infrastructure, utilities and 
mobility, hospitality, commercial and residential projects. The masterplan will 
be delivered over three phases, to be completed in 2023, 2030 and 2035 
respectively. 

Amr AlMadani added: "Responsible investment can deliver strong business 
opportunities and investment returns, whilst also helping to address urgent 
social and environmental concerns. For our partners around the globe, this is 
an opportunity to be at a new frontier of environmental, social and economic 
growth."

The Journey Through Time Masterplan is the first in a series of plans for AlUla 
and focuses on rehabilitating AlUla's natural and cultural heritage in 
responsible manner. Upon full completion, the wider development strategy for 
AlUla in 2035 aims to deliver 38,000 new jobs amid a population grown to 
130,000, contributing USD 32 billion (SAR 120 billion) to the Kingdom's GDP. 
Unique opportunities will further encourage and accelerate business and 
investment from partners who share RCU's values of sustainability, responsible 
development and community inclusivity.

For more information on The Journey Through Time Masterplan, visit: 
https://ucl.rcu.gov.sa.

To find out more about investing in AlUla, visit: 
https://ucl.rcu.gov.sa/en/investment or contact us at investalula@rcu.gov.sa.

About AlUla

Located 1,100km from Riyadh in north-west Saudi Arabia, AlUla is a place of 
extraordinary natural and human heritage. The vast area, covering 22,561km², 
includes a lush oasis valley, towering sandstone mountains and ancient cultural 
heritage sites dating back thousands of years.

The most well-known and recognised site in AlUla is Hegra, Saudi Arabia's first 
UNESCO World Heritage Site. A 52-hectare ancient city, Hegra was the principal 
southern city of the Nabataean Kingdom and is comprised of nearly 100 
well-preserved tombs with elaborate facades cut into sandstone outcrops. 
Current research suggests Hegra was the most southern outpost of the Romans 
after conquering the Nabataeans in 106 CE.

In addition to Hegra, AlUla is home to a series of fascinating historical and 
archaeological sites such as: an Old Town surrounded by an ancient oasis; 
Dadan, the capital of the Dadan and Lihyan Kingdoms, which is considered one of 
the most developed 1st-millennium BCE cities of the Arabian Peninsula; 
thousands of ancient rock art sites and inscriptions in Jabal Ikmah; and Hijaz 
Railway stations.

Note to editors: 

It is always AlUla / not Al-Ula.

About the Royal Commission for AlUla

The Royal Commission for AlUla (RCU) was established by royal decree in July 
2017 to preserve and develop AlUla, a region of outstanding natural and 
cultural significance in north-west Saudi Arabia. RCU's long-term plan outlines 
a responsible, sustainable, and sensitive approach to urban and economic 
development, that preserves the area's natural and historic heritage, while 
establishing AlUla as a desirable location to live, work, and visit. This 
encompasses a broad range of initiatives across archaeology, tourism, culture, 
education and the arts, reflecting a commitment to meeting the economic 
diversification, local community empowerment, and heritage preservation 
priorities of the Kingdom of Saudi Arabia's Vision 2030 programme.

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Source: Kingdom of Saudi Arabia