Fahad Mushayt, CEO of Saudi Tourism Investment Co. (ASFAR)
The investments of Saudi Tourism Investment Co. (ASFAR), wholly owned by the Public Investment Fund (PIF), are based on the supply-demand gap for each city and tourist destination, CEO Fahad Mushayt told Argaam.
He said that investments range from SAR 200-400 million for each city, but the volume of investments increases if the gap widens.
ASFAR covered five cities by the end of 2023, including Al Baha, Yanbu, Al Ahsa, Hail, and Taif.
ASFAR is working to create an integrated destination in Yanbu through four sites: a hotel resort, a sea resort, a beach club, and a visitors’ center that includes a diving academy.
Mushayt indicated that the number of rooms depends on the destination, with a minimum of 100 rooms. In certain cities, however, the count can extend to 200 or 300 rooms.
In July 2023, the PIF announced the establishment of ASFAR to support the growth of the country’s tourism sector.
ASFAR will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia, in addition to investing in the local tourism value chain, according to data compiled by Argaam.
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