KUN Investment Holding, a Saudi investment management company, and AlUla Development Company, fully owned by the Public Investment Fund (PIF), have signed a strategic Shareholders' Agreement to own and develop the Aman Hegra hospitality and a residential project in AlUla, Saudi Arabia.

The Aman Hegra project will include an expansive Aman resort, with 42 hotel/villa keys and 30 branded private residences spread across an 8-million square metre site in Hegra, Saudi Arabia’s first UNESCO World Heritage Site, AlUla and Jun Investment said in a joint statement.

KUN Investment Holding will own 80 percent and AlUla Development Company will own 20 percent of the joint venture. KUN Investment Holding will take the lead role in developing the project and ensure its delivery with the strategic support of AlUla Development Company. 

The statement didn't disclose investment details and construction timelines.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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