Public Investment Fund’s Aseer Investment Company will stimulate and promote foreign and local direct investments that will transform and develop the area, attracting tourists from all over the world
Saudi Arabia’s Public Investment Fund on Monday announced the establishment of Aseer Investment company (AIC). The new investment fund will operate as PIF’s investment arm in the Aseer region. Aseer Investment Company will stimulate and promote foreign and local direct investments that will transform and develop the area, attracting tourists from all over the world.
AIC will unravel the potential of the area, inviting a wide range of investment opportunities across different sectors for local as well as international investors. Investment opportunities for healthcare, sports, tourism, education, food, hospitality, and many more rapidly expanding industries will boom. The development of a variety of industries will create hundreds of job opportunities in several sectors and enhance the living standards of the local community, thus promoting the region’s tourism and investment opportunities.
The establishment of the Aseer Investment Company is in line with the Public Investment Fund’s strategy to reveal the capabilities of Saudi Arabia as a nation and support its developments. The decision to open the investment arm also falls in line with Aseer’s regional position as a leading investment objective. The commencing of operations of the company will also see the bolstering of public-private partnerships and the creation of employment opportunities for the local communities.
PIF’s Head of Direct Investments for North Africa, Raid Ismail stated that the new investment company aims to be a leading facilitator of wide-ranging investment opportunities in Aseer. “AIC will promote the region’s rugged mountains, stunning nature, and storied culture, preserve its ancient history and heritage, and transform it into a world-class tourist destination for visitors from across the globe in line with PIF’s strategy and Vision 2030,” says Raid Ismail
Saudi Arabia is focusing more on its tourism sector and is offering more investment opportunities in the country. The country is offering investment opportunities worth $6 trillion in the travel and tourism sector by the year 2030, as the Kingdom aims to develop steadily as a global tourist destination by the end of this decade.
Saudi Minister of Tourism Ahmed Al-Khateeb, while addressing the World Travel and Tourism Council Global Summit in Riyadh stated that the country is reimagining tourism and making use of the powerful partnership the country has. The travel and tourism sector will create more than 120 million new jobs in the next decade around the globe.
The Saudi Minister of tourism, speaking at the summit recently stated that “As the travel and tourism sector recovers stronger, we must put people and the planet first, at the very center of every decision we take.” He also added that the Kingdom is building its Tourism sector against the backdrop of the Covid pandemic and now have $ 6 trillion of investment opportunities. The Chief Executive Officer of the Saudi Tourism Development Fund, Qusai Al-Fakhri stated that the previous year saw record levels of domestic tourism in Saudi Arabia, and the sector is expected to contribute 10 percent to Saudi Arabia’s gross domestic product.