The recent launch of ASFAR, the Saudi Tourism Investment Company by the Public Investment Fund (PIF), has offered a new impetus to the Kingdom’s efforts to accelerate its hospitality ambitions. ASFAR has been entrusted with expediting the growth of the tourism industry and charting a new course for its future.
We see it as a multi-faceted jewel, capable of sparking a ripple effect across various industries, from job creation to cultural exchange. We envision a future where every corner of our country boasts world-class resorts, luxury hotels, and unique cultural experiences that leave visitors enchanted.
An Abundance of Investment Opportunities
Saudi Arabia’s hotel segment is projected to generate substantial revenues, estimated at USD 2.51 billion for this year and expected to surge to USD 3.02 billion by 2027. This underscores the abundant potential within the hospitality industry, promising a wealth of opportunities for both investors and the Kingdom itself.
Saudi Arabia’s rich cultural heritage, breathtaking landscapes, and tradition of warm hospitality, along with its ambitious initiatives have been pivotal to driving the country’s transformation as a global hub for tourists, culture aficionados, and entertainment enthusiasts.
You can feel the energy, ambition, and dedication of every person and company in the country to realize the inspiring Vision 2030 across all sectors, including tourism. We collectively embarked on a mission to restore prominent heritage and archaeological sites to showcase our historical treasures to a global audience seamlessly combining our cultural legacy with modern experiences through extensive infrastructure, unique amenities, and exceptional connectivity.
Saudi Arabia has further cemented its position as an investment hub. Several global hospitality brands, as well as local hotel chains and F&B networks, have established their presence elevating the standards of the overall tourism and hospitality industries. Within the Saudi market, new foreign and local investors will find an abundance of opportunities waiting to be seized.
Serving as a key driver of Saudi Arabia tourism aspirations, ASFAR co-invests with the private and public sector to fully harness the potential of the hospitality, retail, F&B, and entertainment sectors, all of which constitute the cornerstone of Vision 2030’s strategic initiatives. Through its efforts, the company endeavors to sustainably bolster the nation’s economic diversification and employment generation while enhancing the quality of life of residents and visitors.
Grow, Preserve and Sustain
Realizing the immense potential of heritage tourism, Saudi Arabia is investing substantially in the preservation, development, and promotion of its cultural remnants and historical traditions. The kingdom seeks to attract entertainment seekers through ongoing developments such as Ad Diriyah Qiddiya and Amaala, which support the kingdom Vision 2030 objectives to promote ecotourism, adventure tourism, and wellness tourism.
Saudi Arabia is also capitalizing on its natural beauty by developing world-class tourist destinations with modern amenities, as exemplified by giga projects like NEOM and the Red Sea Project with environmental sustainability at the core.
At ASFAR, we are firmly committed to leaving a positive legacy. We deeply respect the local communities and the environment that surround our projects. Rather than merely developing, we celebrate these resources, ensuring that our projects not only preserve but enhance the local ecosystems.
Promising Prospects Ahead
With the Saudi human capital, combined with a burning ambition, the right strategies and goals, we will collectively further the objectives of the National Tourism Strategy, that entails attracting 150 million domestic and international visitors annually by 2030, in line with the goal of elevating the tourism sector’s contribution to the nation’s gross domestic product to more than 10 percent.
With ASFAR, you can invest to unlock the Saudi tourism sector’s potential, contribute to the national GDP, and revolutionize Saudi Arabia’s tourism, cultural, and entertainment domains with unparalleled experiences.