RCU to launch 21 projects worth SAR 6B to attract private investments

Logo of The Royal Commission for AlUla (RCU)

The Royal Commission for AlUla (RCU) plans to launch 21 new projects by the end of this year or early next year, with a total value of SAR 6 billion ($1.6 billion), as part of efforts to attract private sector investments, according to Philip Jones, RCU’s Chief Tourism Officer.

In an interview with Reuters, Jones said the initiative marks a major step toward securing private capital and expanding investment opportunities, noting that AlUla has so far been primarily financed by Saudi Arabia’s Ministry of Finance but now aims to bring in more private funding.

He added that AlUla attracted 300,000 visitors last year and is projected to reach around one million visitors by 2030, emphasizing that about 60% of AlUla’s land area is designated as a national park, where development is not allowed.

Regarding a potential initial public offering (IPO), Jones said while no concrete plans have been made, an IPO is under consideration and could take place by the end of the decade.

He noted that AlUla has not been affected by the ongoing restructuring programs across the Kingdom and has already secured budget funding for the next five years.

Jones stated that Phase 1 of AlUla’s development has been completed, while Phase 2—expected to finish by 2030—is now underway, followed by Phase 3, which will open up further investment opportunities.

He also mentioned that around 70% of visitors to AlUla are from the Gulf region, including Saudi Arabia, while the remaining 30% come from countries such as the US, the UK, India, several European nations, and China.