PIF’s new tourism venture aims to contribute $1.6bn

PIF

Saudi Arabia’s Public Investment Fund (PIF) has launched Dan Company, which aims to develop agricultural and eco-tourism projects across the kingdom.

The company’s first project will be located in the Al-Ahsa region and will cover 1.8 million sq m, featuring an eco-resort, an agri-resort and an adventure resort.

The company is expected to contribute nearly $1.6 billion (SAR 6 billion) to Saudi Arabia’s non-oil GDP by 2030, as it expands to other locations. 

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Dan Company will involve local communities delivering experiences that allow visitors to fully interact with Saudi regional culture and traditions, including arts, crafts, local cuisines and culture, the sovereign wealth fund said in a statement.

The company’s projects will also provide Saudi and international visitors with new experiences by granting franchises to farmers and tourist lodge operators. They will receive the training and knowledge needed to start and build their own facilities. 

Khalid Johar, co-head of the local real estate portfolio department at PIF, said the company will operate novel business models that integrate sustainability and embrace nature, involving the private sector and local farmers in agritourism and ecotourism.  

PIF’s portfolio includes Soudah Development, a year-round luxury mountain tourism resort in the Aseer region; Boutique Group, which is developing historical palaces into luxury boutique hotels; and Saudi Downtown Company, which aims to establish and develop urban centers across Saudi Arabia.