The AlUla Development Company and Kun Investment Holding have signed a joint venture to develop the luxury Aman Hegra project in AlUla.
This luxury hospitality venture is due to feature an ultra high-end 42 Key hotel and 30 branded residences in AlUla which is the kingdom’s first UNESCO World Heritage site.
The project will be 80% owned by Kun Investment and 20% by AlUla Development Co.
The Aman Hegra Project
The Aman Hegra project is a milestone in Saudi Arabia’s Vision 2030, a comprehensive plan aimed at diversifying the Kingdom’s economy, fostering cultural and economic growth, and lessening its dependence on oil.
The project is planned to be an expansive Aman resort that includes 42 hotel/villa keys and 30 Aman-branded private residences, all spread across a prime eight million square meters site in Hegra. This location is significant as it is Saudi Arabia’s first UNESCO World Heritage Site.
The collaboration between AlUla Development Company and KUN Investment Holding is a testament to Saudi Arabia’s commitment to fostering sustainable development, and it promises to unlock the potential of AlUla as a remarkable destination.
As per the agreement, KUN Investment Holding will own 80% and AlUla Development Company will own 20% of the joint venture. The lead role in developing the project and ensuring its delivery will be taken by KUN Investment Holding, with the strategic support of AlUla Development Company.
The key stakeholders in this venture include:
His Highness Prince Badr bin Abdullah bin Farhan Al Saud, the Minister of Culture and Governor of the Royal Commission for AlUla; Abdullah Saleh Kamel, the Chairman of KUN Investment Holding; and Naif Saleh AlHamdan, the Managing Director of AlUla Development Company.
The agreement was officially signed during a ceremony in AlUla, marking the start of a promising journey towards transforming the city into a place to visit, live, and invest.
Vision and Impact of Aman Hegra Project
The vision for the Aman Hegra project is to introduce a distinctive hospitality and residential initiative in AlUla. Aman, founded in 1988, is renowned for its exceptional design, unparalleled service, and memorable experiences.
With the aim of building a collection of intimate retreats with the warm hospitality of a gracious private home, the Aman Hegra project promises to elevate the luxury hospitality offerings in AlUla.
The Aman Hegra project is more than just a luxury hospitality venture; it’s an authentic and memorable destination in the historical city of AlUla.
This groundbreaking development marks an important moment in Saudi Arabia’s tourism and hospitality landscape, aligning with the Kingdom’s Vision 2030.
The project is expected to play a pivotal role in shaping the region’s tourism industry and contribute to the economic diversification and transformation of Saudi Arabia.
The Future of AlUla
AlUla’s future looks promising with the introduction of the Aman Hegra project. With this venture, the city is poised to transform into an international tourism destination.
The project aligns with AlUla Development Company’s commitment to fostering sustainable environments and creating elevated assets in AlUla.
AlUla Development Company is a real estate business wholly owned by the Public Investment Fund. Launched in 2023, the company’s vision aligns with Saudi leadership’s Vision 2030.
Its mission is to support the development of AlUla while preserving its natural environment, heritage, and culture.
KUN Investment Holding is a Saudi investment management company with expertise in crafting exceptional real estate experiences. Their contribution to the Aman Hegra project will be crucial in ensuring its success.
Aman has a rich history of creating intimate retreats with warm hospitality. The company’s unparalleled service, exceptional design, and memorable experiences have won it international acclaim. The Aman Hegra project in AlUla promises to be a testament to Aman’s commitment to luxury and excellence.
The Aman Hegra project is a significant step towards realizing Saudi Arabia’s Vision 2030. It signifies the country’s commitment to fostering cultural and economic growth and redefining its tourism landscape.
As a unique blend of luxury hospitality and cultural heritage, Aman Hegra promises to offer an unparalleled experience in the heart of historic AlUla.
More Projects by AlUla Development Company
AlUla is expanding its tourism and hospitality offerings with several ambitious projects. A key highlight is the opening of a Six Senses AlUla luxury hotel in 2027, set amidst natural beauty and historical significance.
This development is part of AlUla’s transformation into a global destination, aligning with Saudi Arabia’s Vision 2030 for sustainable and diversified economic growth.
Additionally, AlUla will host the new AlMuatadil Equestrian Village, blending heritage with modern design to become a leading equestrian destination.
Lastly, Marriott International is set to open an Autograph Collection hotel in 2025, further enriching AlUla’s hospitality landscape.