Saudi’s PIF forms new firm to invest in tourism projects

Saudi’s PIF forms new firm to invest in tourism projects

Saudi Arabia’s Public Investment Fund (PIF) has established a new company to support the growth of the country’s tourism sector.

The company, named Saudi Tourism Investment Company (Asfar), 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, said a PIF statement.

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, it said.

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 country. This will attract domestic and international tourists to a large number of untapped destinations across the country and contribute to the national target of attracting 100 million visits per year by 2030.

Mishary Alibraheem,