Saudi Arabia's Royal Commission for AlUla (RCU) said on Wednesday that an estimated $3.2 billion will be injected into AlUla's priority infrastructure with opportunities for private investment.  

The Journey Through Time Masterplan represents a $15 billion opportunity for responsible investment in public-private partnership (PPP) projects across multiple asset classes that include cultural projects; social infrastructure, utilities, mobility, hospitality, commercial and residential projects, RCU said in its press statement. 

Priority infrastructure projects, according to the press statement, include a 46-km low-carbon tramway (22km for the first phase); increasing clean power capacity, with at least 50 percent of demand met through renewable energy sources by 2035; increasing potable water capacity with a centralised and upgraded water supply system, new supply of desalinated water and a tailor-made water conservation programme; and upgrading the wastewater plant in Mughayra to increase wastewater treatment capacity. 

Up to $2 billion in government-backed seed funding has been invested in critical projects to de-risk investment opportunities, the statement said, quoting RCU's Chief Executive Officer Amr AlMadani. This includes the expansion of AlUla International Airport, bolstering the security infrastructure and developing key tourism assets including Ashar estate and the Maraya multi-purpose venue.  

"In parallel, the wider development strategy for AlUla – encompassing multiple masterplans – will lay the foundations for a strong tourism industry with a total of 9,400 hotel keys by 2035, of which 5,000 keys will sit within the Journey Through Time Masterplan," the statement said.  

The masterplan will be delivered over three phases, to be completed in 2023, 2030 and 2035 respectively. 

The Journey Through Time Masterplan is the first in a series of plans for AlUla and focuses on rehabilitating AlUla's natural and cultural heritage in responsible manner, the statement said. 

(Writing by Anoop Menon; Editing by Bhaskar Raj) 

(anoop.menon@refinitiv.com) 

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