Skip to content Skip to Search
Skip navigation

PIF launches investment firm targeting domestic tourism

By Pramod Kumar
PIF investment tourism Unsplash/Khawaja Umer Farooq
The Saudi Tourism Investment Company (Asfar) will offer the private sector opportunities to co-invest in tourism projects throughout Saudi Arabia

Saudi Arabia’s Public Investment Fund (PIF) has launched the Saudi Tourism Investment Company (Asfar) as the kingdom aims to attract 100 million domestic and international visitors annually by 2030.

The new entity will invest in new tourism projects and develop destinations with hospitality and retail attractions in cities across the kingdom, in addition to investing in the local tourism value chain.

Asfar will offer the private sector opportunities to co-invest in projects, giving a thrust to local suppliers, contractors, and small and medium-sized enterprises.

“Asfar will activate the role that Saudi Arabia’s cities play in supporting the national economy,” said Mishary Alibraheem, head of entertainment, leisure and sport sector in Mena investments at PIF.

The state-owned fund owns several strategic companies that aim to invest and develop tourism destinations across the kingdom, including Aseer Investment Company and Saudi Downtown Company.

Earlier, the PIF signed a memorandum of understanding with the Oman Investment Authority to seek out investments in Oman worth $5 billion.

Latest articles

Adnoc Drilling won a $1.7 billion contract from Adnoc to provide drilling and associated services

Adnoc Drilling first quarter profit rises 26%

Adnoc Drilling said its net profit in the first quarter rose 26 percent year on year to $275 million, supporting its full-year profit guidance of more than $1.2 billion. Revenue increased 24 percent year on year to $886 million, beating market expectations, thanks to accelerated fleet expansion and oilfield services growth.  The offshore jack-up and oilfield […]

The DIFC received more than 40 domestic fund registration applications, signalling a buoyant landscape in 2023

Dubai financial watchdog reports 25% rise in new licenses

The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, reported a 25 percent year-on-year increase in the number of licensed companies in 2023, amounting to nearly 800 in total.  The number of applications across all business models within the Dubai International Financial Centre (DIFC), the emirate’s main financial hub, rose 50 percent annually, the […]

QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks

QatarEnergy buys stake in Egypt exploration blocks 

State-run QatarEnergy has signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt. The farm-in agreement gives QatarEnergy a 40 percent interest in each of the Cairo and Masry offshore concession agreements. The value of the deal was not given. ExxonMobil, the operator of the blocks, will retain […]

Flooding in Dubai. Sadeem co-founder Mustafa Mousa is aiminig to 'change the way the cities handle their flood management'

Flood warning startup Sadeem to seek more funding

Tech startup Sadeem, which provides patented flood-warning systems to cities worldwide, will raise further funding this year, its co-founder told AGBI. The Gulf is among the driest inhabited regions worldwide, with on average less than 130 mm of rainfall annually, academic research shows. Yet when rainfall does occur it is often torrential and sustained, and […]