Saudi sovereign fund to invest $6.6bln in Asir tourism transformation

Remainder of $13.33bln tourism plan to be funded by government and private sector

Traditional old buildings stand in Asir Province, Saudi Arabia June 20, 2016.

Traditional old buildings stand in Asir Province, Saudi Arabia June 20, 2016.

REUTERS/Faisal Al Nasser
RIYADH: Saudi Arabia’s Public Investment Fund intends to invest SR25 billion ($6.6 billion) into the Asir region of the country as part of plans to turn the province into a global tourism hub, according to an official at Asir Development Authority.

Saudi Arabia’s Crown Prince Mohammed bin Salman on Sept. 28 launched a SR50 billion tourism strategy for Asir that aims to attract more than 10 million visitors from inside and outside the Kingdom by 2030.

Of the rest of the funds, SR10.6 billion will come from the government and SR16 billion from the private sector, Strategy Director Sultan Zomaia said during an interview with Asharq.

The Kingdom has allocated SR2.5 billion to spend on Asir development projects during the first three years of the development strategy, he said.

Initial investments will be directed toward planning, extending and developing infrastructure, said Zomaia.

Projects will aim to preserve the nature and land of the region, he said.

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