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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]