Al-Ula Development Company Explained
Al-Ula Development Company (UDC;) is a hospitality and real estate development company based in Al-Ula, Saudi Arabia. The company was founded in January 2023 by the Public Investment Fund as part of Saudi Vision 2030. The company aims to transform Al-Ula into a global tourist destination.[2]
History
UDC was officially launched by the Public Investment Fund in January 30, 2021 as part of Saudi Vision 2030 plan to diversify the Saudi Economy away from oil. UDC, in collaboration with the Royal Commission for Al-Ula, aim to turn Al-Ula into a global tourist destination.[3]
In September 13, 2023, signed an agreement with Marriott International to open a 250-key hotel in Al-Ula. The hotel is set to open in 2025.[4]
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.[5] [6]
Assets
As of March 2024, there are 5 operating assets under Al-Ula Development Company,[7] which are:
See also
External links
Official Website
Notes and References
- News: . 2023-01-30 . PIF company launches operations to support AlUla development, preservation . Saudi Gazette . 2024-03-19.
- News: Oxborrow . Ian . 2023-01-30 . PIF-owned AlUla Development Company launched to turn tourism site into global destination . The National News . 2024-03-19.
- News: 2023-02-06 . Saudi PIF announce new AlUla firm as kingdom eyes 100mn tourists . Arabian Business . 2024-03-19.
- News: Corder . Josh . 2023-09-13 . Marriott Continues Saudi Arabia Development with New AlUla Hotel . Skift . 2024-03-19.
- News: . 2023-10-31 . Six Senses signs agreement to open Six Senses AlUla in Saudi Arabia . Hotel Management Netword . 2024-03-19.
- News: . 2023-10-30 . PIF’s AlUla Development Co. and Six Senses to open luxury hotel in 2027 . Arab News . 2024-03-19.
- Web site: Portfolio - Operating Assets . . udc.sa . AlUla Development Company . 2024-03-19 .
- News: Prideaux . Sophie . 2022-09-15 . Finding inner zen at Habitas Alula for a weekend of wellness in Saudi Arabia . The National News . 2024-03-19.
- Web site: Caravan AlUla . . ourhabitas.com . Habitas . 2024-03-19 .
- News: Pradeep . Angitha . 2023-05-08 . EXCLUSIVE: Inside Saudi Arabia’s Banyan Tree AlUla . Construction Week Middle East . 2024-03-19.
- News: Sahota . Kohinoor . 2024-04-06 . Cloud7 in AlUla announces a new operator . Fact Magazine . 2024-03-19.
- News: Marcus . Lilit . 2024-01-03 . The shimmering mirrored building that vanishes into the desert . CNN . 2024-03-19.