A recent report in Reuters revealed Saudi Arabia’s big ambitions for Al-Ula, in the northwestern corner of the kingdom that was a key site for an ancient civilization and is near to the future planned city NEOM.
Saudi Arabia is targeting up to $20 billion of investments through 2035 for a planned landmark tourism destination and will hold a global investor roadshow before the end of the year, Amr Madani, chief executive of the Royal Commission for Al-Ula, told Reuters’ Stephen Kalin in an exclusive interview.
Elephant Rock near Al-Ula, Saudi Arabia.
Al-Ula is home to large natural formations, like Elephant Rock, and historic treasures like Mada’in Saleh in the Medina region of Saudi Arabia. The city is located on a site that was part of the the incense route, linking Arabia with other major ancient land and sea trading routes to the Mediterranean and the East.
Last month, Saudi Arabia’s Crown Prince Mohammed bin Salman launched several tourism projects in Al-Ula, including a resort designed by a renowned French architect Jean Nouvel, and a nature reserve.
Saudi Arabia is investing big dollars of its own into the development of tourism as part of the Kingdom’s Vision 2030 social and economic reform plans.
Crown Prince Mohammed bin Salman at the Sharaan Nature Reserve.
In the planned nearby city of NEOM, the Kingdom hopes to build a futuristic city for residents and visitors that serves as a new hub between East and West. On the Red Sea Coast, to the South of NEOM, Saudi Arabia has announced several new initiatives and projects to tap into the tourism potential of the beautiful coastline, which has until now remained largely untouched.
This week, the Kingdom also announced a $23 billion investment into its capital, Riyadh, for beautification and to create park and green space.
In the interview with Reuters, Madani said he expects targeted investments to “eventually generate 35,000 jobs and contribute a combined 120 billion riyals ($32 billion) to gross domestic product over the next 17 years….The bulk of that in the beginning will be construction-led but at steady state it will be tourism-led” and include “secondary industries like sustainable agriculture, heritage preservation and film production.”
[Click here to read the full report in Reuters]
