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PIF launches investment firm targeting domestic tourism

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.