LONDON: Saudi Arabia’s AlUla Development Co. and investment firm Kun Investment Holding announced on Thursday a joint development of the Aman Hegra hospitality project in AlUla.
The signing of the agreement was overseen by Prince Badr bin Abdullah bin Farhan, Saudi minister of culture and governor of the Royal Commission for AlUla.
The Aman Hegra project will cover eight million sq m and include the development of a 42-key hotel along with 30 branded residences in the popular tourist destination, which is also the Kingdom’s first UNESCO World Heritage Site.
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According to a statement issued on Thursday, Kun will own 80 percent and AlUla Development Co. will own 20 percent of the joint venture. The companies did not disclose any financial or construction timeline-related details.
“We are delighted to announce the collaboration with AlUla Development Company on the Aman Hegra project. This groundbreaking development marks an important moment in Saudi Arabia’s tourism and hospitality landscape aligning with the Kingdom’s vision 2030,” said Mohammed N. Hefni, CEO of Kun.
Fabien Toscano, CEO of AlUla Development Company, said that the project would align with its “commitment to fostering sustainable environments” and “unlocking the potential of this remarkable destination.”
Naif Saleh Al-Hamdan, managing director of AlUla Development, said: “As we embark on this transformative journey with Kun for the Aman Hegra project, we are dedicated to crafting not just a lifestyle and hospitality experience, but authentic and memorable destinations in the historical city of AlUla. We look forward to working together as we enable the transformation of AlUla into a place to visit, live and invest.”
