Arab News, Saturday, Dec 03, 2022 | Jamadi Al Awwal 9, 1444
Saudi Arabia’s PIF announces establishment of Aseer Investment Company
Saudi Arabia:
Saudi Arabia’s Public Investment Fund has
established a company to operate as its investment arm in the Aseer region of
Saudi Arabia.
The Aseer Investment Company will promote and
stimulate local and foreign direct investment to develop and transform the
region into a year-round tourism destination.
AIC will unlock a wide range of investment
opportunities for domestic and international investors across number of sectors
including tourism, hospitality, healthcare, sports, education, food, and many
other fast-growing domestic industries.
The company will contribute to fostering
public-private partnerships, creating jobs for the local community and promoting
the region’s tourism and attractive investment opportunities.
“Aseer Investment Company aims to become a leading
facilitator of broad-ranging investment opportunities in Aseer, Raid Ismail,
head of Direct Investments for the Middle East and North Africa at PIF said.
“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,” he added.
The establishment of the company is in line with
PIF’s strategy to unlock the capabilities of promising sectors in Saudi Arabia,
support the country, and in line with Asir’s region position as a leading
investment destination.
Saudi Arabia is offering investment opportunities
worth $6 trillion in the travel and tourism sector through to 2030.
Speaking at the World Travel and Tourism Council
Global Summit in Riyadh on Nov. 29, the Saudi Minister of Tourism, Ahmed
Al-Khateeb said: “We built our tourism industry against the backdrop of a global
disaster (COVID-19 pandemic). And we now have $6 trillion of investment
opportunities through 2030,” said Al-Khateeb.
Saudi Arabia’s tourism sector will create 1
million jobs by 2030 and the Kingdom will welcome 100 million visitors, said
Qusai Al-Fakhri, CEO of the Saudi Tourism Development Fund earlier this year.
The sector will create one of every three new jobs
in Saudi Arabia in the next decade, as the nation focuses more on the growth of
non-oil sectors, said Al-Fakhri.
Talking about the progress of the Saudi tourism
sector at the Future Hospitality Summit in Riyadh, he said: “Last year, with the
support of the tourism ecosystem, and the larger government ecosystem and
enablers, Saudi Arabia achieved record levels of domestic tourism that is
remarkable globally.”
Al-Fakhri also noted that the tourism sector is
expected to contribute 10 percent to the Kingdom’s gross domestic product by the
end of this decade.