Riyadh –  Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) has incorporated the Saudi Tourism Investment Company (Asfar) to bolster the country’s ​​tourism sector and invest in its value chain, according to a press release.

Asfar, which establishment was announced on 27 July 2023, will boost the private tourism sector in Saudi Arabia by founding an attractive environment for local suppliers, contractors, as well as small and medium-sized enterprises (SMEs). The company, therefore, aims to develop tourism projects while attracting domestic and international tourists to the Kingdom as a part of the national target of having 100 million visitors annually by 2030.

Head of Entertainment, Leisure, and Sports sector in MENA Investments at PIF, Mishary Alibraheem, said: “PIF tourism projects and companies are working side by side, supporting and strengthening the tourism ecosystem.”

Alibraheem elaborated: “The creation of the company is in line with PIF’s strategy to create opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.”

PIF possesses many strategic companies to invest and develop tourism destinations across the Kingdom, such as Aseer Investment Company (AIC) and Downtown Company (SDC).

It is worth noting that a subsidiary of PIF recently joined three entities to buy an undeveloped industrial plot from the listed Emaar The Economic City.

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