In the presence of His Highness Prince Badr bin Abdullah bin Farhan Al Saud, Minister of Culture, Governor of the Royal Commission for AlUla and Chairman of the Board of Directors of AlUla Development Company, KUN Investment Holding – Saudi investment management company, and AlUla Development Company – fully owned by the Public Investment Fund (PIF), have signed a strategic Shareholders' Agreement to own and develop the Aman Hegra project. This venture is a collaboration to introduce a distinctive hospitality and a residential initiative in AlUla, Saudi Arabia.
The ceremony was attended by KUN Investment Holding Chairman, his excellency Mr. Abdullah Saleh Kamel and AlUla Development Company Managing Director, Naif Saleh AlHamdan. The momentous agreement was officially signed during the ceremony in AlUla, with Eng. Mohammed N. Hefni, Chief Executive Officer of KUN Investment Holding, and Fabien Toscano, Chief Executive Officer of AlUla Development Company, putting pen to paper to formalize the collaboration.
Founded in 1988, Aman is renowned for its unique locations – many of which are rich with cultural history and heritage – unparalleled service, exceptional design, and memorable experiences. With the vision of building a collection of intimate retreats with the unassuming, warm hospitality of a gracious private home, the Aman Hegra project will include an expansive Aman resort, with 42 hotel/villa keys and 30 branded private residences available for purchase. It will be spread across a prime eight million square meters site in Hegra – Saudi Arabia’s first UNESCO World Heritage Site.
Mohammed N. Hefni, CEO of KUN Investment Holding, said
We are delighted to announce the collaboration with AlUla Development Company on the Aman Hegra project. This groundbreaking development marks an important moment in Saudi Arabia's tourism and hospitality landscape aligning with the Kingdom’s vision 2030”.
He emphasized
KUN's expertise in crafting exceptional real estate experiences will play a pivotal role in ensuring the project's essential success. While, leveraging the invaluable expertise of world-renowned consultants and an award-winning international architectural practice, will position Hegra project as a leading luxurious destination”. He concluded by “commending the Royal Commission of AlUla, for their unwavering support and commitment to the project's success.”
Naif Saleh AlHamdan, Managing Director of AlUla Development Company, commented,
As we embark on this transformative journey with KUN Investment Holding for the Aman Hegra project, we are dedicated to crafting not just a lifestyle and hospitality experience, but authentic and memorable destinations in the historical city of AlUla. We look forward to working together as we enable the transformation of AlUla into a place to visit, live and invest."
Fabien Toscano, CEO of AlUla Development Company, added,
The collaboration with KUN Investment Holding represents a groundbreaking step in our mission to build and operate elevated assets in AlUla. The Aman Hegra project aligns with our commitment to fostering sustainable environments, unlocking the potential of this remarkable destination."
KUN Investment Holding will own 80% and AlUla Development Company will own 20% of the joint venture. KUN Investment Holding will take the lead role in developing the project and ensure its delivery with the strategic support of AlUla Development Company.
ABOUT ALULA DEVELOPMENT COMPANY
AlUla Development Company is a real estate business wholly owned by the Public Investment Fund whose vision is aligned with the Saudi leadership’s Vision 2030. It was launched in 2023 to support the development of AlUla, while preserving its natural environment, heritage, and culture. By developing a world-class portfolio of real estate, residential and hospitality assets, in collaboration with the Royal Commission for AlUla and private sector entities, AlUla Development Company will support tourism and entertainment growth.
