Saudi Arabia’s Sovereign Wealth Fund Sets up Tourism Investment Company
Photo Credit: Saudi Arabia’s sovereign wealth fund has announced the establishment of the Saudi Tourism Investment Company (Asfar). Unsplash / Haidan
Skift Take
Asfar's launch aligns with the Saudi sovereign fund’s broad strategy, which is centered around tapping opportunities within the tourism sector and building strategic partnerships with private companies.
Middle East Travel Roundup
Get the latest news from the Middle East in one easy-to-digest newsletter.Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) has announced the establishment of the Saudi Tourism Investment Company (Asfar) to support the growth of the country’s tourism sector.
What Will the Tourism Investment Company do?
Invest in new tourism projects. Develop attractive destinations. Invest in the local tourism value chain.Involving the Private Sector: The company will help the private sector by partnering on investments and by creating an attractive environment for local suppliers, contractors, and small and medium-sized enterprises to develop tourism projects and destinations.
Other Tourism-Related Companies Owned by PIF:
Aseer Investment Company, which aims to transform Aseer into a year-round tourism destination Saudi Downtown Company, mandated to build and develop downtown areas within Saudi Arabia. Dubai Hotel Market Finds Its BalanceWe read JLL’s second quarter market overview rep
