Al-Ula Development Company (UDC; Arabic: شركة العلا للتطوير) 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]
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Native name | شركة العلا للتطوير |
|---|---|
| Company type | Private |
| Industry | Hospitality Real estate development |
| Founded | 30 January 2023[1] |
| Founder | Public Investment Fund |
| Headquarters | , |
Key people |
|
| Owner | Public Investment Fund |
| Website | www |
History
editUDC 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
editAs of March 2024, there are 5 operating assets under Al-Ula Development Company,[7] which are:
See also
edit
References
edit- ^ "PIF company launches operations to support AlUla development, preservation". Saudi Gazette. 30 January 2023. Retrieved 19 March 2024.
- ^ Oxborrow, Ian (30 January 2023). "PIF-owned AlUla Development Company launched to turn tourism site into global destination". The National News. Retrieved 19 March 2024.
- ^ "Saudi PIF announce new AlUla firm as kingdom eyes 100mn tourists". Arabian Business. 6 February 2023. Retrieved 19 March 2024.
- ^ Corder, Josh (13 September 2023). "Marriott Continues Saudi Arabia Development with New AlUla Hotel". Skift. Retrieved 19 March 2024.
- ^ "Six Senses signs agreement to open Six Senses AlUla in Saudi Arabia". Hotel Management Netword. 31 October 2023. Retrieved 19 March 2024.
- ^ "PIF's AlUla Development Co. and Six Senses to open luxury hotel in 2027". Arab News. 30 October 2023. Retrieved 19 March 2024.
- ^ "Portfolio - Operating Assets". udc.sa. AlUla Development Company. Retrieved 19 March 2024.
- ^ Prideaux, Sophie (15 September 2022). "Finding inner zen at Habitas Alula for a weekend of wellness in Saudi Arabia". The National News. Retrieved 19 March 2024.
- ^ "Caravan AlUla". ourhabitas.com. Habitas. Retrieved 19 March 2024.
- ^ Pradeep, Angitha (8 May 2023). "EXCLUSIVE: Inside Saudi Arabia's Banyan Tree AlUla". Construction Week Middle East. Retrieved 19 March 2024.
- ^ Sahota, Kohinoor (6 April 2024). "Cloud7 in AlUla announces a new operator". Fact Magazine. Retrieved 19 March 2024.
- ^ Marcus, Lilit (3 January 2024). "The shimmering mirrored building that vanishes into the desert". CNN. Retrieved 19 March 2024.