Construction begins on AlUla luxury hotel, Signit secures USD 15 mn

PIF’s AlUla Development breaks ground on Numaj hotel

PIF-backed AlUla Development Company (UDC) kicked off construction on its luxury hotel Numaj, according to a press release. The 250-key hotel, set to open in 2027, is being developed by UDC and will be operated by Marriott International under the Autograph Collection brand. The GioForma-designed hotel will feature dining venues, wellness facilities, and business and leisure spaces.

Why it matters: The project signals that UDC is moving from planning to execution, with AlUla shifting toward active delivery after years of development work.

Signet bags USD 15 mn to build out its contract lifecycle management platform

AI-driven contract management firm Signit secured USD 15 mn in a Series A funding round, it said in a press release. The round was led by Raed Ventures, with participation from STV, Seedra Ventures, Takamol Ventures, and Suhail Ventures. Founded in 2021, Signit is a licensed trust services provider offering binding electronic signatures and integrated contract management services.

Use of proceeds: The funding will be used to upgrade Signit’s technology stack and expand AI capabilities across contract drafting, negotiation, and tracking, aiming to build a unified contract lifecycle management platform. It will also support the development of a smart contract assistant and enhancements to its digital certificate infrastructure.