Al-Ula Development Company
Company based in Saudi Arabia
From Wikipedia, the free encyclopedia
Al-Ula Development Company (UDC; Arabic: شركة العلا للتطوير) is a hospitality and real estate development company based in Al-Ula, Saudi Arabia. The company was founded in January 2023 by the Public Investment Fund as part of Saudi Vision 2030. The company aims to transform Al-Ula into a global tourist destination.[2]
| |
Native name | شركة العلا للتطوير |
|---|---|
| Company type | Private |
| Industry | Hospitality Real estate development |
| Founded | 30 January 2023[1] |
| Founder | Public Investment Fund |
| Headquarters | , |
Key people |
|
| Owner | Public Investment Fund |
| Website | www |
History
UDC was officially launched by the Public Investment Fund on 30 January 2021 as part of Saudi Vision 2030 plan to diversify the Saudi Economy away from oil. UDC, in collaboration with the Royal Commission for Al-Ula, aim to turn Al-Ula into a global tourist destination.[3]
On 13 September 2023, signed an agreement with Marriott International to open a 250-key hotel in Al-Ula. The hotel is set to open in 2025.[4]
On 30 October 2023, UDC signed an agreement with Six Senses to open a hotel in Al-Ula. The hotel features 100 guest villas and 25 residences. The hotel is expected to be completed in 2027.[5] [6]
