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Saudi Arabia's PIF establishes tourism investment company

The Unesco World Heritage Site of AlUla. Photo: Consulum

Affirming Saudi Arabia’s growth to become a global travel destination, the Public Investment Fund has established the Saudi Tourism Investment Co., or Asfar, to drive investments in tourist destinations and projects across the Kingdom.

According to a press statement, Asfar will involve the private sector through co-investments and create opportunities for local suppliers, contractors and small and medium enterprises in the Kingdom.

The fund noted that the new company will support Saudi Arabia’s National Tourism Strategy, which aims to attract 100 million domestic and international visitors annually by 2030.

“The company 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,” said the fund in the press statement.

Saudi Arabia is also eyeing to increase the contribution of the tourism sector to the gross domestic product in the Kingdom to more than 10 percent.

The press release further noted that the newly launched company would leverage Saudi Arabia’s strategic location across the three continents of Asia, Africa and Europe to promote the beauty and diversity of the Kingdom’s terrain.

“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,” said Mishary Alibraheem, head of entertainment, leisure and sport sector in the Middle East and North Africa investments at PIF. He added: “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.” The fund has previously launched a couple of companies to elevate the tourism infrastructure in the Kingdom, which includes Aseer Investment Co. and Saudi Downtown Co.

Photo: Courtesy of Saudi Commission for Tourism and National Heritage



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