News DeskAlUla, Saudi Arabia – KUN Investment Holding, a Saudi investment management company, and AlUla Development Company, fully owned by the Public Investment Fund (PIF), have signed a strategic Shareholders’ Agreement to develop the Aman Hegra project. The signing ceremony took place in the presence of His Highness Prince Badr bin Abdullah bin Farhan Al Saud, Minister of Culture and Governor of the Royal Commission for AlUla.
The Aman Hegra project, situated in Hegra – Saudi Arabia’s inaugural UNESCO World Heritage Site, will feature an expansive Aman resort comprising 42 hotel/villa keys and 30 branded private residences. Aman, renowned for its unique locations and exceptional hospitality, aims to contribute to Saudi Arabia’s tourism and hospitality landscape in line with the Kingdom’s Vision 2030.
KUN Investment Holding will spearhead the project, owning 80% of the joint venture, with AlUla Development Company holding the remaining 20%. The collaboration signifies a pivotal moment in the transformation of AlUla into a luxurious and culturally rich destination. Mohammed N. Hefni, CEO of KUN Investment Holding, expressed enthusiasm for the project, emphasizing KUN’s role in ensuring its success.
Naif Saleh AlHamdan, Managing Director of AlUla Development Company, highlighted their dedication to crafting authentic and memorable destinations in AlUla. Fabien Toscano, CEO of AlUla Development Company, emphasized the project’s alignment with their commitment to sustainability.
The Aman Hegra project reflects the ongoing efforts of Saudi Arabia to promote tourism and attract investment, with the Royal Commission of AlUla playing a crucial role in supporting and facilitating the venture. The partnership aims to not only elevate the tourism experience but also contribute to the cultural and historical significance of AlUla.
