Frank Kane

RIYADH: AlUla, the leisure and cultural destination being created in the Saudi Arabian heartland, is looking to attract foreign and private sector investors to help fund the ambitious $15 billion first stage of the project, CEO Amr Al-Madani told Arab News.

“The equation is simple. Our opening program is a $15 billion package, including community and social programs such as schools, hospitals, and education.

We are committed to fund as long as we need to, but we have great economics in place and some of the funds are reaching out to us. We hope to become a viable outlet for some of their funds,” he said.

So far, the project has been funded to the extent of $2 billion by the Royal Commission for AlUla, but the move to seek private funding, from Saudi or international investors, marks a departure for AlUla.

Al-Madani put the total cost of the development at between $20 billion and $30 billion.

He was speaking on the sidelines of the FII 2021 forum in Riyadh, where much of the conversation among leading Saudi and global business people has been on the need to attract foreign direct investment into the Kingdom.

So far, the project has been funded to the extent of $2 billion by the Royal Commission for AlUla, but the move to seek private funding, from Saudi or international investors, marks a departure for AlUla.

Al-Madani put the total cost of the development at between $20 billion and $30 billion.

He was speaking on the sidelines of the FII 2021 forum in Riyadh, where much of the conversation among leading Saudi and global business people has been on the need to attract foreign direct investment into the Kingdom.