Skip to content Skip to Search
Skip navigation

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.

Latest articles

Mubadala injects $250m to revive Turkey’s Getir

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units. The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters […]

Machine, Architecture, Building

Arabian Mills gets nod to sell 30% stake on Saudi bourse 

Arabian Mills for Food Products will list 15.4 million shares, or a 30 percent stake, on the Saudi stock exchange, the kingdom’s market regulator has said. The Capital Markets Authority (CMA) approved the company’s public floatation application on Monday, adding that the prospectus will be published before the subscription start date. No other details of […]

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

Oman’s real estate sector continues to slide

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […]

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]