The Public Investment Fund (PIF) announced the establishment of the Saudi Tourism Investment Company (Asfar) to support the growth of the country’s tourism sector.
Asfar will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia. The company will also invest in the local tourism value chain, including small and medium-sized enterprises (SMEs).
Asfar will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa, and Europe, as well as the competitive advantages of its cities. The company will seek to benefit from the natural beauty and diversity of Saudi Arabia’s terrain and culture to further enhance tourism experiences in the country.
Mishary Alibraheem, Head of Entertainment, Leisure and Sports sector in MENA Investments at PIF, said: “Asfar will activate the role that Saudi Arabia’s cities play in supporting the national economy. It will enable each city to make the most of its unique tourism offering, further diversifying and enriching the tourism and entertainment experience in Saudi Arabia.”
“PIF tourism projects and companies are working side by side, supporting and strengthening the tourism ecosystem,” Alibraheem said. “The creation of the company is in line with PIF’s strategy to create opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.”
PIF owns several strategic companies that aim to invest in and develop tourism destinations across Saudi Arabia, including Aseer Investment Company (AIC), which aims to transform Aseer into a year-round tourism destination, as well as Saudi Downtown Company (SDC), mandated to build and develop downtown areas within Saudi Arabia.
The launch of Asfar is in line with PIF‘s strategy to unlock opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.