In a move set to bolster the luxury hospitality and residential sectors in Saudi Arabia, KUN Investment Holding has teamed up with AlUla Development Company, a subsidiary of the Public Investment Fund (PIF), to embark on an ambitious project dubbed Aman Hegra. This partnership is anchored by a strategic Shareholders’ Agreement aimed at fostering development in the AlUla region, known for its historical and cultural significance.
The collaborative venture aims to bring an upscale Aman resort to life, featuring 42 hotel and villa accommodations along with 30 branded private residences. The project will span a vast 8-million square meter site in Hegra, which has the distinction of being Saudi Arabia’s inaugural UNESCO World Heritage Site. The vision for this luxurious enclave was detailed in a joint announcement by KUN Investment Holding and AlUla Development Company.
KUN Investment Holding is set to be the majority stakeholder, holding an 80 percent share, while AlUla Development Company will retain a 20 percent interest in the joint enterprise. The development of the project will be spearheaded by KUN Investment Holding, with AlUla Development Company providing strategic backing to ensure successful completion.
Details regarding the financial investment and the construction timeline for the project were not disclosed in the announcement.