Skip to content Skip to Search
Skip navigation

PIF launches new investment firm to boost regional growth

Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors SPA
The new Aseer Investment Company aims to to develop and transform the Aseer region into a year-round tourism destination

Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia.

The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a statement.

AIC will unlock a wide range of investment opportunities for domestic and international investors across several sectors including tourism, hospitality, healthcare, sports, education, food and many others.

Raid Ismail, head of direct investments for Mena at PIF, said that the new company will promote the region’s rugged mountains, stunning nature, and preserve its ancient history and heritage, and transform it into a world-class tourist destination.

The company’s establishment is in line with PIF’s strategy to unlock the capabilities of promising sectors in the kingdom and promote Asir’s region as a leading investment destination.​

Last month, PIF reported a profit of $22.81 billion in 2021, a year-on-year increase of 13 percent. Revenue rose 27 percent year-on-year to $60.6 billion.

The value of the fund’s fixed assets jumped 43 percent year-on-year to nearly $78 billion.

Since 2017, the fund has established 66 companies and created, directly and indirectly, over 500,000 jobs as of the end of 2021.

In February, PIF received strong international credit ratings from both Moody’s and Fitch for the first time, underlining its creditworthiness and the quality of its investment portfolio.

Latest articles

An investor at the Dubai International Financial Market. The share prices of four of the 20 Gulf companies that listed since early 2023 have at least doubled

Stock prices of Gulf companies surge after IPOs

Most Gulf companies that completed initial public offerings (IPOs) recently have seen their market capitalisation soar, with issuers pricing flotations adroitly to bolster investor demand for their stocks after listing. From the start of 2023 there have been 20 Gulf IPOs that raised at least $100 million. Combined, these sold $11.2 billion of shares. As […]

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]