AlUla, Saudi Arabia – Saudi Arabia's AlUla cultural heritage site is gearing up to offer an ambitious $1.6 billion worth of projects to private investors, as part of its broader strategy to transform the area into a leading tourism destination. This announcement was made by Phillip Jones, Chief Tourism Officer of the Royal Commission for AlUla (RCU), during an interview at the influential Reuters NEXT Gulf Summit in Abu Dhabi on October 22, 2025.
A Vision for Growth
With the aim of significantly boosting tourism numbers, AlUla is on track to attract 1 million visitors by 2030. Last year, the site welcomed 300,000 visitors, predominantly from the Gulf region. Jones noted that approximately 60% of AlUla's area is designated as a national park, placing limitations on development. However, he emphasized that private investment is crucial for expanding the site and enhancing its offerings.
Jones stated, "We’re embarking upon a big initiative to secure private sector investment, and we have about 6 billion SAR worth of investment opportunities with about 21 projects that we’ll be floating to the market sometime at the end of the year or early next year." This influx of capital is part of Saudi Arabia's broader Vision 2030, an ambitious plan launched by Crown Prince Mohammed bin Salman in 2016 to diversify the nation's economy beyond oil.
A Bright Future Ahead
The RCU is confident that the private sector will play a vital role in realizing AlUla's potential. The commission has recently completed phase one of its development plan and is now moving into phase two, which is expected to be completed by 2030. Jones expressed optimism about future phases, suggesting that they would offer additional investment opportunities.
While discussions of an initial public offering (IPO) are still in the preliminary stages, Jones mentioned that a listing could be a possibility by the end of the decade. "It’s not yet planned, but it's under consideration," he said.
Securing Investments Amid Challenges
Despite the challenges facing the broader Saudi economy due to a rationalization program, AlUla seems to be insulated from these cuts, having already secured its budget for the next five years. "AlUla has not been impacted by a rationalization programme underway across the kingdom," Jones confirmed.
The region has proved attractive not only to local tourists but also to international travelers from various countries, including the United States, Britain, India, and China. Approximately 70% of visitors hail from the Gulf region, while the remaining 30% come from further afield.
Conclusion
As AlUla positions itself for remarkable growth and global prominence, the forthcoming investment opportunities are seen as crucial catalysts in this endeavor. With plans firmly in place and the support of private investors on the horizon, AlUla is poised to transform into a cultural landmark defined by tourism and heritage.
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Options for potential investors and stakeholders from the private sector will be rolling out soon, promising to reshape this UNESCO World Heritage site into an unparalleled destination for culture and history as the kingdom aims high in its Vision 2030 aspirations.