ABOUT US
We are ASFAR, the Saudi tourism investment company, a PIF Company that is established to be the catalyst for tourism investment and tourism sector transformation in the Kingdom. Through the power of win-win partnerships with the public and private sectors, we focus on propelling tourism in Saudi Arabia as a key enabler of growth, in alignment with the National Tourism Strategy.
What we do
We spearhead the growth of Saudi Arabia’s tourism sector by investing in and showcasing its diverse and promising destinations.
Through strategic collaborations with public and private sector partners, we actively invest in greenfield projects and growth-stage companies, cultivating robust partnerships that deliver attractive returns on investment and elevate Saudi Arabia’s position on the global tourism map.
Our purpose
To champion the transformation of Saudi Arabia’s tourism landscape, unlocking the untapped potential in promising regions. We proactively seek out and capitalize on co-investment opportunities, propelling the growth of the Kingdom’s tourism sector while securing sustainable growth for the future in line with Vision 2030’s objectives.
ASFAR IN NUMBERS
From securing strategic partnerships to leasing prime land for projects, our accomplishments speak volumes about our dedication to driving growth in the tourism sector.
Our Partners
Guiding Principles
Our comprehensive commitment to excellence drives every decision we make, ensuring a portfolio of successful and sustainable tourism investments across the Kingdom.
Saudi Focused
We partner with those who uncover the hidden gems and unique experiences in undiscovered corners of the Kingdom, spotlighting diverse locations and their cultural richness.
From the genuine hospitality of the Saudi Arabian people to the rich tapestry of their traditions and culture, ASFAR will celebrate our distinct and delightful differences.
Strategic Advancements
We embrace a holistic investment strategy that transcends mere financial goals. We engage deeply at every stage, seamlessly extending ourselves as partners.
Our mission is to ensure sustainable returns while actively driving the growth and development of Saudi Arabia's tourism sector.
This commitment includes empowering local talent, attracting investments, strengthening the national economy, and fostering growth across diverse sectors by investing across the tourism value chain.
Regenerative Impact
Our investments go beyond sustainability to actively regenerate the environment and revive local cultures. This approach creates a lasting, positive impact on communities, enhancing their social, economic, and cultural well-being. We are committed to tangible actions that deliver enduring benefits across multiple fronts.
Authenticity Redefined
We stay true to our nation’s authentic heritage, and the genuine stories of our destinations and their offerings. No gimmicks, no tourist traps – just enduring experiences that go beyond trends.
Meet The Team
Discover the leaders of ASFAR, each bringing unique expertise and dedication to our mission of driving tourism innovation.
Dr. Fahad Mushayt
Chief Executive Officer
Dr. Fahad took the reins of ASFAR in May 2022, bringing over 20 years working in both private and public sector companies, leading diverse teams to achieve remarkable results and drive sustainable growth. Dr. Fahad bin Mushayt is the Chief Executive Officer at ASFAR, the Saudi tourism investment company that is a wholly owned subsidiary of the Public Investment Fund established to drive the growth of tourism investment in partnership with the private sector to create captivating destinations in Saudi Arabia for visitors from all over the world in line with Saudi Vision 2030.
Boasting more than two decades of experience, Dr. Mushayt's illustrious career spans across multifaceted domains including city management, mega investments in real estate, mergers and acquisitions, strategic business development, and operations management. He has also taken on challenging roles in myriad sectors including information technology and telecommunications, as well as infrastructure development.
Previous roles include Deputy Governor for Investment and Business Development for the State Property General Authority, CEO at the Diplomatic Quarter General Authority and VP at Saudi Telecom.
He has also served on the boards of various organizations worldwide. Dr. Fahad bin Mushayt holds a PhD in Economics, Political Economy and Public Policies from the University of Southern California and a master’s degree in economics from California State Polytechnic University, Pomona. He also holds a Bachelor of Science degree in Operations Research from King Saud University, Riyadh.
Board Members & Executive Committees
Board Member
Vice Chairman of the Board
Chairman of the Board
NRC Member
NRC Member
NRC Member
Investment committee Member
Investment committee Vice Chairman
Audit Committee Member
Board Member
Chairman of the Board
Board Member
Board Member
Leadership
Chief Finance Office
Badr has honed his financial skills with leading national and multinational companies, including Procter & Gamble, Aramco, MedNet and Abu Dhabi’s Department of Health. He joined ASFAR as CFO in May 2023, supported by two decades of experience, most recently as Finance Director for Vision Invest, working in development and investment for public and private sector partnerships.
Badr holds a doctorate in Business Administration from the UAE University, as well as a master’s in accounting and finance from the University of Southampton, and a bachelor’s degree in finance from the University of Business and Technology.
Chief Investment Officer
With over two decades of experience in private equity, venture capital, M&A and investment banking, Faisal is a seasoned investment professional having originated and executed transactions in the U.S. and the Middle East, covering industries such as technology, consumer goods, manufacturing and oil & gas. Most recently, he was a Division Head in Aramco’s corporate development team, where he looked after strategic M&A and joint ventures for the company and was instrumental in Aramco’s $69 billion acquisition of SABIC. Previously, Faisal worked in private equity with firms such as GFH and Investcorp where he was responsible for mid-market private equity transactions. Faisal started his career in US where he worked with industry leading firms such as Citigroup, JPMorgan, New Enterprise Associates (NEA) and General Electric. Faisal holds an MBA in Finance from Yale University and Bachelor’s in Electrical Engineering from Michigan State University.
Executive Director of Asset Management
Panos is a proficient real estate executive with over 18 years of experience in asset management and investments across commercial, hospitality, and residential sectors. As Executive Director of Asset Management at ASFAR, he leads strategic initiatives to maximize returns and minimize risks across the company's growing portfolio.
Under his leadership, ASFAR has achieved remarkable growth in asset value while expanding its footprint into four new regions within the Kingdom. He has been a key contributor in developing financially attractive tourism products across five new destinations in Saudi Arabia while optimizing investment performance.
Prior to joining ASFAR, Panos served as Head of Asset Management at Rafal Real Estate Development, held leadership positions at Al Khozama Management Company, and gained experience at prestigious properties including Rosewood Hotel Abu Dhabi and Al Faisaliah Hotel Riyadh. Panos holds a Master's and Bachelor's degree in Hospitality Management from The Swiss Management University.
Chief Asset Management Officer
Fredrik is a multilingual global executive with extensive international experience in operations, development, acquisitions, asset management, change management, and media and entertainment.
Before joining ASFAR, he held prominent roles including SVP and Head of Asset Management Hospitality at the Investment Corporation of Dubai, CEO of Gulf Film, Director of Asset Management at Qatari Diar, General Manager of Hospitality at Majid Al Futtaim, Development Manager at Melia International, and founder of the boutique advisory firm Mereha. Additionally, he serves as an Investment Committee member for Boscalt Hospitality Fund.
Fredrik holds an Executive MBA from IE University, a degree from the Swiss School of Tourism and Hospitality, and certificates in hotel revenue management and hotel investments and asset management from Cornell University.
Chief Strategy Officer
Chief Shared Services Officert
Executive Director of Governance, Risk & Compliance (GRC)
Corporate Communication Director
Internal Audit Executive Director
He holds a master’s in accounting and finance from Bangor University in Wales, as well as a bachelor’s in of science in accounting from King Fahd University of Petroleum & Minerals.
© 2024 ASFAR. All rights reserved.
Environmental Responsibility
We recognize the impact of our operations on our natural environment and are committed to reducing our carbon footprint, championing renewable energy solutions, and integrating eco-friendly practices throughout our operations.
Through innovative technologies and best practices, we aim to set a standard for sustainable excellence, paving the way for a cleaner, greener tomorrow across the Kingdom of Saudi Arabia.
Social Impact
Our commitment to sustainability extends beyond environmental considerations to encompass social well-being and community empowerment.
Through strategic partnerships and collaborative initiatives, we endeavor to foster inclusive growth, promote economic empowerment, and create long-term opportunities for all members of society.
Governance Excellence
Transparency, integrity, and accountability are the cornerstones of our corporate governance framework.
We adhere to the highest standards of ethical conduct and responsible decision-making, thereby fostering trust and confidence among our stakeholders and the communities we touch.
Measuring Our Impact
At ASFAR, measuring and evaluating our impact is central to our commitment to accountability and transparency. We employ rigorous monitoring and evaluation processes to assess our environmental footprint, social impact, and governance practices, ensuring our actions are both effective and aligned with our sustainability goals.
By utilizing Key Performance Indicators (KPIs) to track progress across strategic initiatives, we gain valuable insights into our performance and impact.
This dedication to measurement and evaluation drives us to make meaningful and positive contributions to the communities where we live and work.
Our Commitment to Sustainable Development
Sustainable development lies at the heart of ASFAR’s mission. We are dedicated to balancing economic growth with environmental stewardship and social responsibility.
Each project we undertake is approached with a long-term perspective, aiming to create lasting value, while preserving natural resources and enhancing social well-being.
Through collaboration, innovation, and a commitment to sustainability, we strive to foster sustainable development that will benefit both present and future generations.