ASFAR and Municipality of Al-Ahsa sign MoU to develop a major tourism attraction in the Eastern Province

ASFAR and Municipality of Al-Ahsa sign MoU to develop a major tourism attraction in the Eastern Province

- PIF company ASFAR will co-invest with the private sector to develop the 500,000 sqm project

Riyadh, KSA: Prince Saud bin Nayef bin Abdulaziz Al-Saud, Governor of Eastern Region, has witnessed the signing of a Memorandum of Understanding (MoU) between ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia, and the Municipality of Al-Ahsa. The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.

The signing ceremony, which was held at the Al-Ahsa Municipality headquarters, was attended by His Royal Highness Prince Saud bin Talal bin Badr, Governor of Al-Ahsa, HE Majed bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, Esam AlMulla, Mayor of Al-Ahsa Municipality, Dr Fahad Bin Mushayt, CEO of ASFAR, along with senior officials.

The strategic partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors. Co-investing with the private sector, ASFAR will transform an area of 500,000sqm into a vibrant destination boasting unique tourism, entertainment and hospitality offerings.

Commenting on the agreement, Dr Fahad bin Mushayt, CEO of ASFAR, said: “This partnership underscores our commitment to sustainable development, economic growth, and the