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ALULA, Saudi Arabia, April 28, 2021 /PRNewswire=KYODO JBN/ --

- 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