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Agreement signed for Al Ula real estate project

28 February 2024

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Saudi Arabia's Royal Commission for Al Ula (RCU), Al Ula Development Company and local real estate developer Saudi Real Estate Company (Al Akaria) have signed a five-year agreement to develop the Sidrat Al Ula project in the Al Ula Governorate.

Al Akaria will develop the 260,230 square-metre (sq m) project, according to the statement published on the Saudi Stock Exchange, Tadawul. The project comprises 810 residential units, including 570 apartments and 240 villas and townhouses.

It will have commercial and retail facilities with a gross floor area of 36,760 sq m. The statement outlined that the total development cost will be determined within 120 days from the date of the contract signing.

In April 2021, the RCU unveiled an investment plan worth SR57bn ($15bn) to regenerate the Al Ula tourism destination in the Medina region.

Under this plan, approximately $3.2bn has been allocated for infrastructure development, including constructing an environmentally friendly tramway and establishing renewable energy sources to meet 50 per cent of the development's energy requirements.

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Yasir Iqbal

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