Saudi Public Investment Fund (PIF) establishes new tourism investment company

 

Saudi Public Investment Fund (PIF) establishes new tourism investment company

The Public Investment Fund (PIF) of Saudi Arabia has announced the formation of the Saudi Tourism Investment Company "Asfar" to bolster the country's tourism sector's growth.

Asfar's primary focus will be investing in new tourism projects and developing alluring destinations with a wide range of offerings, including hospitality, tourist attractions, retail, and food and beverage options across various cities in Saudi Arabia. Additionally, the company will invest in the local tourism value chain.

The new venture aims to encourage private sector participation through co-investment opportunities, providing an attractive environment for local suppliers, contractors, and small and medium-sized enterprises (SMEs) to contribute to tourism projects and destinations. This approach is set to foster a competitive environment, thereby elevating the variety and quality of hospitality and tourism services.

Leveraging Saudi Arabia's unique strategic location, situated between Asia, Africa, and Europe, Asfar seeks to capitalize on the competitive advantages of its cities. It also aims to leverage the country's diverse terrain and rich culture to enhance tourism experiences, attracting both domestic and international tourists to untapped destinations. The ultimate goal is to contribute to Saudi Arabia's national objective of attracting 100 million visitors annually by 2030.

PIF already possesses several strategic companies dedicated to investing in and developing tourism destinations across the country, such as Aseer Investment Company, which is working towards transforming Aseer into a year-round tourism destination, and Saudi Downtown Company, tasked with building and developing downtown areas within Saudi Arabia.

Mishary Alibraheem, the Head of Entertainment, Leisure, and Sports sector in Mena Investments at PIF, emphasized that Asfar would empower Saudi Arabia's cities to play an active role in supporting the national economy. This move will maximize each city's distinctive tourism offerings, diversifying and enriching the overall tourism and entertainment experience in the country.

The establishment of Asfar aligns with PIF's strategy to unlock potential in the tourism sector and cultivate strategic partnerships with the private sector, creating employment opportunities and diversifying income sources for the local economy in line with Saudi Vision 2030. The synergy between PIF's tourism projects and companies reinforces and strengthens the tourism ecosystem, amplifying the impact of their efforts.

In conclusion, the launch of Asfar marks another significant step in PIF's journey to harness opportunities in the tourism sector, reinforcing partnerships with the private sector and contributing to the economic transformation outlined in Saudi Vision 2030.

Source: http://www.tradearabia.com/