Saudi PIF Arm Looks Beyond Riyadh to Boost Tourism Ambitions
- Asfar aims to serve 5 million visitors across 8 cities by 2030
- The Kingdom plans to draw in 150 million tourists annually
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A tourism investment startup of Saudi Arabia’s sovereign wealth fund is planning new hotel and entertainment projects in tier-two cities across the kingdom in a bid to further the country’s goal of becoming one of the world’s most visited destinations.
Asfar is set to launch its first developments by the end of the year in the mountainous region of Al Bahah in the southwest and Yanbu on the Red Sea coast, according to Chief Executive Officer Fahad Bin Mushayt.