PIF’s AlUla Development Co. and Six Senses to open luxury hotel in 2027

The agreement will see a 1.2 million sq. meter hotel open in 2027. Supplied.
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Updated 30 October 2023
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PIF’s AlUla Development Co. and Six Senses to open luxury hotel in 2027

RIYADH: Saudi Arabia’s historic city of AlUla is set for a new luxury hotel following the signing of an agreement by a Public Investment Fund-owned firm tasked with developing the tourist destination.  

The deal, inked between AlUla Development Co. and resort and spa management operator Six Senses, will see a 1.2 million sq. meter hotel open in 2027, according to a statement.  

This move cements the company’s commitment to boost luxury hospitality offerings in the ancient archaeological area, according to AlUla Development Co. Managing Director Naif Al-Hamdan.  

“We are working to enrich the hospitality offerings and experiences in AlUla so that we can enable visitors to explore its rich history amidst its natural picturesque setting,” Al-Hamdan said.

The new hotel, named Six Senses AlUla, will be built within an oasis and feature 100 guest villas and 25 residences.

“We are excited to join hands with Six Senses to open a one-of-a-kind luxury hotel in AlUla,” CEO of AlUla Development Co. Fabien Toscano noted.

“The venture aligns with our commitment to elevating the hospitality offering in AlUla and marks another significant stride in our pursuit of sustainable development, contributing to the economic diversification and transformation of Saudi Arabia in line with Vision 2030,” the CEO added.

On behalf of Six Senses, CEO Neil Jacobs commented on the venture, saying: “Bringing to life the drama and beauty of a site with unprecedented historical and cultural significance is a sensational opportunity.”

He went on to say that the company is looking forward to building a lasting relationship with AlUla Development Co. while actively supporting the burgeoning tourism sector in the Kingdom.

In September, it was announced that AlUla will welcome a Marriott International Autograph Collection property.      

According to a statement released at the time, AlUla Development Co. inked an agreement with Marriott International to launch a 250-room hotel in the heart of AlUla.

Scheduled to open its doors in 2025, the property will offer rooms, suites and an array of recreational and entertainment amenities. These include four dining establishments, a spa, and a swimming pool, as noted in the statement at the time.


Qatar wealth fund plans to invest in 5 new VC funds 

Updated 12 sec ago
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Qatar wealth fund plans to invest in 5 new VC funds 

DOHA: Qatar Investment Authority plans to invest in five new venture capital funds as part of an ​expanded $3 billion venture capital program, the sovereign wealth fund said on Monday.

The new funds, called Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest, are set to open offices in Doha in an effort to develop Qatar as a venture capital hub, it said in a statement.

The “Fund of Funds” initiative was unveiled in 2024 to attract venture capital firms to Qatar, ‌build a ‌robust environment for entrepreneurs and help diversify ‌its ⁠economy away ​from fossil ‌fuel revenues, as the country follows the path of other wealthy Gulf peers.

Qatar’s prime minister on Sunday announced an expansion of the fund to reach up to $3 billion.

“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al-Thani said as he opened the Qatar edition of the Web Summit technology conference.

The ⁠expansion would potentially target investments besides series A and B funding rounds.

“We are ‌now expanding the scope to do ‍later rounds, so that may open ‍up conversations with a different set of managers,” said Mohsin ‍Pirzada, the head of funds at QIA, in an interview with Reuters.

“We will continue to be quite flexible and support earlier stages as well, but there are sufficient pools of capital within the country to ​go after those types of opportunities,” he said, citing credit lending facilities.

The QIA has assets under management ⁠worth $580 billion, according to Global SWF, a sovereign wealth fund tracker, and late last year it launched its own AI-focused company Qai as it bets on the booming sector to drive economic diversification.

As part of its efforts, the country has launched a pilot computing credit program that provides free computing for startups that are based in Doha, which could be applicable to managers that are part of the Fund of Funds scheme.

The pilot program is going to be “a big differentiator in terms of what our program is offering ‌vis-a-vis our peers in the region,” Pirzada said.