KUN, a major investment management company in Saudi Arabia, and AlUla Development Company, a fully-owned unit of the kingdom's wealth fund PIF (Public Investment Fund), have signed a strategic shareholders' agreement to own and develop the Aman Hegra project. 

 

Spread across a prime 8 million sq m area in Hegra – Saudi Arabia’s first Unesco World Heritage Site, this venture is a collaboration to introduce a distinctive hospitality and a residential initiative in the ancient Saudi city of AlUla.

 

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. 

 

"This groundbreaking development marks an important moment in Saudi Arabia's tourism and hospitality landscape aligning with the Kingdom’s vision 2030”, remarked Engineer Mohammed N. Hefni, the CEO of KUN Investment Holding, after signing the agreement with Fabien Toscano, the CEO of AlUla Development Company. 

 

The deal was signed in the presence of 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 as well as KUN Investment Holding Chairman Abdullah Saleh Kamel and AlUla Development Managing Director Naif Saleh AlHamdan. 

 

Hefni pointed out that KUN's expertise in crafting exceptional real estate experiences would play a pivotal role in ensuring the project's essential success. 

 

The JV will be 80% owned by KUN Investment Holding while with the rest will be with AlUla Development Company.

 

"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 stated. 

 

AlHamdan said: "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." 

 

Toscano pointed out that the collaboration with KUN Investment Holding represents a groundbreaking step in AlUla Development Company's mission to build and operate elevated assets in the ancient city. 

 

"The Aman Hegra project aligns with our commitment to fostering sustainable environments, unlocking the potential of this remarkable destination," he added.-TradeArabia News Service