Banking & Finance PIF launches new investment firm to boost regional growth By Pramod Kumar December 2, 2022, 7:57 AM 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.
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