AlUla Royal Commission signs strategic partnerships with ARCOM and Egis-led French consortium

The first phase of the development will see in excess of $15bln

  
General view of al-Ula city, Saudi Arabia, February 1, 2020. Picture taken February 1, 2020. Image used for illustrative purpose.

General view of al-Ula city, Saudi Arabia, February 1, 2020. Picture taken February 1, 2020. Image used for illustrative purpose.

REUTERS/Ahmed Yosri
RIYADH: The Royal Commission for AlUla (RCU) has signed two landmark strategic partnerships, to accelerate the regeneration of the historic city in Saudi Arabia's northwest.

The agreement with Saudi IT firm ARCOM and an international French consortium comprising Egis, Assystem and Setec set out a development timeline, based on three phases that lead up to 2035, as it moves from the planning stage to implementation following the launch for redevelopment in April this year.

The first phase of the development will see over SR75 billion ($15 billion) invested in AlUla.

This will include social, economic, and sustainability projects in five unique hubs, with a focus on hospitality, infrastructure, arts and culture, and social and community development.

The agreements were signed today at the Future Investment Initiative Forum currently taking place, in Riyadh, Saudi Arabia.

RCU chief executive Amr Al-Madan said.“These new long-term strategic partnerships are critical to realizing our ambition of creating a global benchmark for sustainable tourism.

“Our new partners will be instrumental in helping us deliver a detailed and certified plan, while our focus is set on phase one we will ramp up our integrated approach towards the development of phase 2 and 3, to drive traffic, and sustain a regular flow of tourists in the long run.”

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Travel & Tourism