PIF announces the establishment of the Saudi tourism investment company “Asfar”

PIF announces the establishment of the Saudi tourism investment company “Asfar”

- The company will enable the private sector through co-investment, creating opportunities for local suppliers, contractors, and SMEs

- Asfar will support the national target of attracting 100 million domestic and international visitors per year by 2030

RIYADH : The Public Investment Fund (PIF) announced today the establishment of the Saudi Tourism Investment Company (Asfar or the Company) to support the growth of the country’s tourism sector. 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, in addition to investing in the local tourism value chain.

Asfar will enable the private sector through co-investment opportunities, and by creating an attractive environment for local suppliers, contractors, and small and medium-sized enterprises (SMEs) to develop tourism projects and destinations, thereby creating a competitive environment that will enhance the variety and quality of the hospitality and tourism offering.

The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe as well as the competitive advantages of its cities. It will seek to benefit from the natural beauty and diversity of Saudi Arabia’s terrain and culture to further enhance tourism experiences in the