Saudi Tourism Investment Co. expands to Hail as fifth destination development
In an exclusive interview with Arab News at the Future Hospitality Summit, CEO of Saudi Tourism Investment Co., Fahad bin Mushayt, announced the company’s plan to develop Hail as its fifth destination. This initiative follows successful projects in Al-Baha, Yanbu, Al-Ahsa, and Taif, all launched within a year of the company’s inception under the ownership of the Public Investment Fund.
The company’s mission is to invest in new projects and create captivating travel destinations that encompass hospitality, tourist attractions, retail, and food and beverage offerings across Saudi Arabia. Bin Mushayt stated, “In almost one year, Asfar is already playing in four destinations, with Hail coming soon, so I can reveal that.”
Asfar aims to bridge the gap between the public and private sectors, as well as the local community, to deliver unique experiences that reflect the essence of the nation and the cities themselves. This vision was realized during the summit, where the company signed agreements with hospitality developers to launch asset classes in Yanbu.
Among the partnerships announced, Asfar revealed collaborations with Baheej, the Tamimi-AWN alliance, and the Royal Commission for Yanbu. The company is set to work with Curtain Hospitality as the operator of their resort in Yanbu, known as Cloud 7.
Yanbu is positioned as Saudi Arabia’s emerging “second-tier city,” with plans for four asset classes to be operational by 2027. Asfar’s CEO emphasized the importance of empowering the private sector through partnerships and incentives provided by the company, which is backed by PIF, the Ministry of Tourism, and the Ministry of Investment.
Utilizing a combination of domestic and foreign investments, Asfar collaborates with operators that align with the project’s requirements. The company is in talks with both local and international operators for various initiatives, including a resort in Yanbu that may involve cruises.