In preparation for a significant surge in tourism, Saudi Arabia has established a new investment firm. The Public Investment Fund (PIF) has proudly introduced the Saudi Tourism Investment Company (Asfar), aimed at bolstering the growth of the country’s tourism sector.

Asfar’s primary focus will be on investing in novel tourism projects and developing alluring destinations within various cities across the Kingdom. This includes the enhancement of hospitality, tourist attractions, retail, and food and beverage offerings, as well as investing in the local tourism value chain.

Mishary Alibraheem, Head of Entertainment, Leisure and Sport 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.

“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.”

Asfar’s mission
The company’s core mission is to foster an environment that facilitates private sector co-investment opportunities while also creating an appealing space for local suppliers, contractors, and small and medium-sized enterprises (SMEs) to partake in tourism project and destination development.

By promoting healthy competition, Asfar aims to enrich the diversity and quality of the hospitality and tourism experiences available in the country. Leveraging Saudi Arabia’s advantageous strategic location between Asia, Africa, and Europe, as well as the competitive edge of its cities, the company seeks to capitalize on the nation’s natural beauty and cultural richness, enhancing tourism experiences.

Through these efforts, Asfar looks to attract both domestic and international tourists to explore a plethora of untapped destinations across the country. In doing so, the company envisions contributing significantly to the national goal of attracting 100 million visitors annually by the year 2030.

Source; Hotelier Middle East