Saudi Arabia‘s Public Investment Fund (PIF) has launched a tourism investment company called Asfar to support the growth of the kingdom’s tourism sector.
Asfar will invest in new tourism projects in cities across Saudi Arabia, supporting the country’s target of welcoming 100 million domestic and international visitors by 2030.
It will develop “attractive destinations”, according to a press release, from visitor attractions to retail and F&B offerings.
Asfar to support growth of tourism sector
The company will work with the private sector through co-investment, also creating an “attractive environment” for local suppliers, contractors, and small and medium-sized enterprises to develop these new destinations.
“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 the entertainment, leisure and sport sector in MENA investments at the PIF.
He added, “PIF tourism projects and companies are working side by side, supporting and strengthening the tourism ecosystem. 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 establishment of Asfar is part of the PIF’s strategy to diversify the Saudi economy and reduce its reliance on oil by creating giga-projects and new entertainment experiences.
Since opening to tourism in 2019, the country has become one of the fastest-growing tourism markets globally, recording 93.5 million visits in 2022.
The kingdom’s sovereign wealth fund released its annual report for 2022 on 6 August, which said its assets under management were more than 2.23 trillion riyals ($594 billion).
