Saudi Arabia’s Asir Region Partners with Aseer Investment Co. to Boost Tourism
RIYADH: The Asir region in Saudi Arabia has embarked on an exciting new tourism venture through a groundbreaking partnership aimed at establishing a holding company to elevate the area into a top-tier global tourist destination.
The collaboration between Aseer Investment Co., a subsidiary of the Public Investment Fund, and Rikaz Real Estate, is in line with the ambitious goal of transforming Asir into a world-class tourist spot that seamlessly blends authentic heritage with sustainable development, as reported by the Saudi Press Agency.
The holding company is dedicated to enhancing the tourism landscape by offering unique experiences that immerse guests in local culture and community traditions, creating a truly enriching visit, according to SPA.
In addition, the company is committed to promoting sustainable tourism practices by preserving the environment, empowering local communities, and partnering with artisans and local businesses to safeguard the rich heritage of Asir.
Last October, Abha city in the Kingdom secured a new investment collaboration to enhance tourism through the development of culturally immersive dining and retail experiences.
Aseer Investment Co., a PIF firm, sealed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to drive the project forward, as reported by the Saudi Press Agency.
This initiative is in line with the strategic objectives of enhancing Abha’s offerings, including retail outlets that showcase the cultural richness of the Asir region.
The partnership also aims to serve as a model for future collaborations with private sector investors and generate more job opportunities in the region.
Investments in Asir are projected to create between 14,000 and 18,000 job opportunities and contribute up to 6 percent of the non-oil GDP within a decade, as outlined by AIC Chief Executive Osama Al-Othman in February.
Saudi Arabia has emerged as a frontrunner in tourism growth among G20 nations, witnessing a remarkable 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.
According to the UN World Tourism Barometer report in September, the Kingdom welcomed 17.5 million international tourists during this period, underscoring its rising appeal as a global travel hotspot.
This surge is a key component of the Vision 2030 initiative, which aims to diversify the economy and reduce reliance on oil revenues.
“Saudi Arabia solidifies its global leadership and secures the top spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” declared the Saudi Tourism Ministry.
Under the National Tourism Strategy, Saudi Arabia aims to attract 150 million visitors by 2030 and elevate the sector’s contribution to the GDP from 6 percent to 10 percent.
These targets underscore the nation’s dedication to fortifying its tourism sector and enhancing its global appeal.