AlUla, Saudi Arabia, 22 November 2022: The Royal Commission for AlUla (RCU) and the World Bank have signed a new long-term strategic partnership to support and enable the sustainable regeneration of the county to benefit the economy and community.
RCU will work closely with specialists from the World Bank to assess how best to meet the economic needs of the local community, identifying and addressing areas for sustained capacity growth and development, including heritage and tourism-focused SME operations to help diversify and spur AlUla’s transformation into a regional and global hub for international visitors, investors, and businesses.
Uplifting the local community to establish a more dynamic, inclusive, and resilient landscape for both companies and employees is a key milestone on RCU’s roadmap towards achieving economic sustainability across AlUla County.
The one-year renewable bilateral partnership is a major enabler to drive RCU’s expansive sustainability ambitions from the planning stage to the final delivery of practical, on the ground, results with long-term positive impact.
The World Bank agreement comes under the overall partnership with the Government of the Kingdom of Saudi Arabia (KSA) through the Saudi Ministry of Finance and adds to RCU’s thriving network of international partnerships; global entities such as UNESCO and the International Union for Conservation of Nature (IUCN) are already heavily involved in AlUla’s development as part of RCU’s masterplan and KSA’s Vision 2030.
The World Bank will support RCU to create essential frameworks to manage and support RCU’s objectives, providing benefits for both an engaged and prosperous local community and a protected and thriving natural environment.
Moataz Kurdi, Chief County Operations Officer of the Royal Commission for AlUla, said: “RCU’s new strategic partnership with the World Bank sets the benchmark for future developments in AlUla, paving the way for the realisation of our exciting vision to regenerate the County. Through a framework of sustainable and long-term planning, this partnership will allow RCU to comprehensively identify and address any gaps in its integrated development approach, with the World Bank’s considerable expertise and knowledge supporting the management and growth of AlUla’s economy and its unique cultural and natural capital.
“Ensuring the sustainability of RCU’s AlUla project is essential to its long-term success and the County’s transformation into a business, investment, and tourism focal point for the region. The World Bank is a powerful figure in international sustainable development initiatives and a key colleague alongside RCU and KSA’s established global partners. This agreement will yield impactful results for the people of AlUla by enabling RCU’s sustainability principles, helping to grow capacity amongst the local community and supporting the economy.”
Issam Abousleiman, World Bank Country Director of the GCC, said: “Globally, the tourism sector has grown to be one of the largest economic sectors. It accounts for 10.4% of global Gross Domestic Product (GDP), supports one out of every 10 jobs with over half for women, represents 7% of total world trade, and generates 30% of the world's export in trade. The Saudi tourism sector has significant potential to drive sustainable growth, economic diversification, and job creation for KSA. As such, the Royal Commission for AlUla and the World Bank’s partnership comes at a strategic time to support this agenda.”
