In a striking addition to Saudi Arabia’s UNESCO-listed heritage site, the Aman Hegra project is soon to become a reality, thanks to a landmark agreement between KUN Investment Holding and AlUla Development Company. The partnership promises to deliver a luxury resort and residential complex, seamlessly blending historical allure with contemporary opulence.
The venture, backed by the Public Investment Fund (PIF), will see an 80% ownership by KUN Investment Holding, with the remaining 20% held by AlUla Development Company. The project aligns with Saudi Arabia’s Vision 2030, heralding a new era of tourism and hospitality for the region.
At the helm of development, KUN Investment Holding plans to transform an eight-million-square-metre site in Hegra into a world-class retreat featuring 42 hotel and villa keys and 30 branded residences for purchase. The Aman Hegra project, drawing on the prestige of the Aman brand known for its unique locations and exceptional service, aims to introduce “a level of luxury previously unseen in the area”.
The signing ceremony, witnessed by His Highness Prince Badr bin Abdullah bin Farhan Al Saud, underscored the national importance of the project. Eng. Mohammed N. Hefni, CEO of KUN Investment Holding, and Fabien Toscano, CEO of AlUla Development Company, penned the deal, signalling the start of this ambitious initiative.
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 emphasised “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.”
The Aman Hegra project is planned to be akin to an intimate retreat built with the warm hospitality of a gracious private home. The initiative underscores a strategic move towards diversifying the Kingdom’s economic reliance on oil, drawing visitors to the ancient city of AlUla and its spectacular rock formations, tombs, and monuments that date back thousands of years.
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