Asfar: Development of Touristic Resorts to Attract 4 Mln Tourists Yearly

The Saudi Tourism Company, known as Asfar, marks a significant milestone in the Kingdom’s commitment to expanding its tourism industry. Asfar recently announced the development of 3 to 5 touristic resorts around the Kingdom, with the aim of attracting more than 4 Million tourists yearly.

A fully owned subsidiary of the Public Investment Fund (PIF), Asfar is not just another business venture; it is a strategic initiative aimed at catalyzing the growth of Saudi Arabia’s tourism sector.

The Genesis of Asfar

Established by the Public Investment Fund, Asfar was created to drive the development of Saudi Arabia’s tourism landscape​​. This move is a testament to the Kingdom’s vision of diversifying its economy and enhancing its attractiveness as a global tourist destination.

Asfar’s Mission and Strategy

With a mission to enrich the Kingdom’s tourism offerings, Asfar is set to invest in a variety of new tourism projects​​. The company is poised to develop destinations complete with hospitality services, tourist attractions, retail, and culinary experiences​​. This approach aligns with the PIF’s overarching strategy to unlock the potential of the tourism sector and to establish strategic partnerships with the private sector​​.

Impact on the Economy and Vision 2030

The establishment of Asfar is a strategic move aligned with Saudi Vision 2030, a plan that seeks to reduce the Kingdom’s dependence on oil and diversify its economy. By creating job opportunities and fostering a diversified source of income, Asfar supports the national ambition of attracting 100 million domestic and international visitors annually by 2030​​.

Asfar Saudi represents a bold step forward in Saudi Arabia’s journey towards becoming a leading tourist destination. Through strategic investments and partnerships, Asfar is setting the stage for a vibrant, diverse, and sustainable tourism sector that will contribute significantly to the Kingdom’s economy and cultural richness.

Furthermore, the exploration of Asfar Saudi’s investment in the tourism sector offers a glimpse into the future of travel in the Kingdom. As Asfar continues to unfold its plans, the anticipation for what this means for Saudi Arabia and the broader tourism industry is indeed palpable.

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PIF Establishes Saudi Tourism Investment Company “Asfar”

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