Saudi Arabia reportedly poured capital of up to US $ 15 billion (Rp 214 trillion) for mega historic city projects Al Ula until 2035.
This step was taken as one of the Saudi efforts to diversify the economy by boosting the tourism sector in several areas, including Al Ula. In fact, Al Ula became one of the areas that according to history the Prophet Muhammad avoided in the past.
Al Ula is known as a ‘haunted’ area, which in the next few years will be transformed into a tourist area.
Many Saudis believe the area is a place of jinn and evil spirits so it should be avoided.
The construction of Al Ula will be divided into three stages, namely in 2023, 2030 and 2035.
King Salman’s government will disburse US$2 billion (Rp28 trillion) as initial funding to develop the Al Ula area
The CEO of the Royal Commission for Al Ula (RCU), Amr Almadani, said funds would also come from the Saudi partnership with the private sector, amounting to US$3.2 billion (Rp45) which would be used for the city’s infrastructure development in phase one in 2023.
“We have no problem executing phase one, including the airport development, which has already been completed,” Al Madani was quoted as saying Arab News, last April.
RCU was established by the Saudi Ministry of Finance in July 2017 to manage the development of the city of Al Ula.
The project, he said, would also start developing a low-carbon tram infrastructure.
“And so far, our visitors’ experience at heritage and natural sites is being improved,” continued Al Madani.
This includes the first 22 kilometers of the planned 46-kilometer low-carbon tram system, development of a renewable energy network, and upgrading of water supply systems, and wastewater treatment plants.
Al Ula is located 1,100 kilometers from the capital, Riyadh. The site consists of 22,561 square kilometers of desert, sandstone mountains and ancient cultural heritage sites, including Hegra, which was included in Saudi Arabia’s first UNESCO World Heritage Site.
Hegra is the site of an ancient city located in the main southern city of the Nabatean empire. The area consists of nearly 100 tombs with intricate facades cut into sandstone.
Last year, Crown Prince MbS, announced the construction project of Al Ula or the ‘Journey Through Time Masterplan’ which is expected to be completed by 2035.
The development project aims to create 38,000 jobs, attract 2 million visitors a year, expand the area’s population to 130,000, and contribute $32 billion to the Kingdom’s economy.
“We have entered the market. We have been actively involved with several investment companies and fund structures to participate starting today,” he said.
International hospitality brands such as Accor/Banyan Tree, and Habitat confirmed their participation, and more will be involved in the project.
AlMadani said the majority of initial investment interest came from domestic players, but as projects take shape, international players are expected to join in on partnerships with local developers and investors.
Kingdoms Institute, Al Ula’s global center for archaeological research and conservation, has carried out extensive excavations at the site.
The team has discovered more than 1,000 previously unknown impossibles. Mustatil, which in Arabic means rectangle, is a massive ancient stone-walled building thousands of years old.
The research of the impossible is a priority for RCU and the disclosure process is currently the focus of the Discovery Channel documentary series.
Al Madani said Saudi Arabia must realize the potential of this amazing cultural landscape and show it to the world as a living museum.
“While ensuring we provide residents with new economic opportunities and unique visitor experiences, bringing all of this together in an integrated manner is actually a challenge,” he said.
The project is also to break the stigma that development must sacrifice nature.
“This is what excites us, to release to the world a new model for sustainable development that respects the culture, heritage and people of this country.”
(isa/rds)
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