ALULA — In a significant move to bolster Saudi Arabia's tourism and hospitality sector, KUN Investment Holding, a Saudi investment management company, has partnered with AlUla Development Company, a subsidiary of the Public Investment Fund (PIF), to develop the Aman Hegra project. This initiative is set to introduce a unique blend of hospitality and residential features in AlUla.

The agreement was officiated in the presence of Prince Badr bin Abdullah bin Farhan, Minister of Culture and Governor of the Royal Commission for AlUla. Key figures including Abdullah Saleh Kamel, Chairman of KUN Investment Holding, and Naif Saleh AlHamdan, Managing Director of AlUla Development Company, attended the signing ceremony. The agreement was signed by Mohammed N. Hefni, CEO of KUN Investment Holding, and Fabien Toscano, CEO of AlUla Development Company.

Aman, established in 1988, is known for its exceptional locations and services. The Aman Hegra project, situated on an eight million square meter site in Hegra, a UNESCO World Heritage Site, will feature a luxurious Aman resort with 42 hotel/villa keys and 30 private residences.

Mohammed N. Hefni expressed his enthusiasm about the collaboration, highlighting its significance in alignment with Saudi Arabia's Vision 2030. He emphasized KUN's role in ensuring the project's success, leveraging the expertise of world-class consultants and architects.

Naif Saleh AlHamdan remarked on the transformative potential of the Aman Hegra project for AlUla, focusing on creating authentic and memorable destinations.

Fabien Toscano underscored the project's alignment with their mission to build sustainable environments in AlUla.

In this joint venture, KUN Investment Holding will hold an 80% stake, with AlUla Development Company owning the remaining 20%. KUN will lead the development of the project, supported strategically by AlUla Development Company.