Are you ready to explore a new era of tourism investment in Saudi Arabia? The Kingdom is poised for a transformative leap with the Public Investment Fund’s subsidiary, ASFAR, gearing up to unveil exciting tourist attractions by early next year. This move underscores a robust commitment to economic diversification and growth, as shared by CEO Fahad bin Mushayt.
During a conversation at the Future Hospitality Summit in Dubai, Bin Mushayt revealed that Al-Baha will be the first to showcase these new attractions at the beginning of the coming year. ASFAR, active for nearly two years, is strategically collaborating with investors to boost Saudi Arabia’s tourism sector, focusing on eight pivotal destinations that align with the Ministry of Tourism’s forward-looking strategy.
Unlocking the Kingdom’s Hidden Gems
ASFAR is not directly involved in the development of these projects but instead harnesses its powerful investment strategies and tourism expertise to partner with other entities. This approach is designed to open up new avenues in the tourism sector. The list of ASFAR’s projects includes remarkable locations such as Hail, Al-Baha, Yanbu, Al Hasa, Taif, and Al Jouf. “Since we started, we are now active in five destinations,” the CEO proudly mentioned.
In Al-Baha, ASFAR is crafting two resorts with a soft launch planned for the first quarter of 2025. The initiative includes nearly 150 keys across two distinct locations, each offering unique experiences tailored to diverse audiences. One resort is designed for parents and couples, while the other is an adventure park targeting youth, combined with hospitality. Al-Baha is described as a stunning location atop the mountains, renowned for its lush greenery and mild climate, with temperatures averaging around 20 degrees Celsius year-round.
Plans for Taif, a mere two-hour journey from Al-Baha, are also in the pipeline, focusing on religious tourism due to its proximity to Makkah. “We’re targeting religious tourism by building a wellness resort, allowing visitors to fulfill their spiritual needs while enjoying the local scenery and mountains,” explained Bin Mushayt.
Diving into Yanbu’s Coastal Splendor
In Yanbu, a coastal gem on the Red Sea and about two hours from Jeddah, ASFAR is working on additional developments. These include a lifestyle hotel, beach club, beach resort, and a tourism center offering a variety of amenities such as food and beverage options, retail, a diving academy, and marine activities. “Yanbu is recognized as one of the best diving areas in the world,” noted Bin Mushayt.
Further projects are advancing in Al Hasa and Hail, expected to open in 2025 and 2026, respectively. Tourism plays a vital role in Saudi Arabia’s Vision 2030, focusing on diversifying the economy beyond oil revenues. Bin Mushayt highlighted the sector’s impressive growth, stating, “Tourism is currently growing at nearly double-digit rates, contributing significantly to the GDP.”
ASFAR’s initiatives aim not only to stimulate economic growth but also to create employment opportunities, with a target of generating around 250,000 jobs in the tourism sector by 2030. The company is also investing in transportation, casual dining, and the development of destination management and tour operator companies to enhance visitor experiences.
Emphasizing the importance of local content and community engagement, Bin Mushayt stated, “We prioritize using local materials and supporting small and medium enterprises within the destinations.” Additionally, many family-oriented products and services will be offered, driving economic activity and development through tourism.
Expressing excitement for Saudi Arabia’s ambitious goal of attracting 150 million annual visitors, he affirmed that ASFAR aims to welcome at least 5 million visitors to its destinations, marking a new dawn for tourism investment in the Kingdom.
