Saudi Arabia Launches New Tourism Venture to Transform Asir into Global Hub

RIYADH, Nov 14 – Saudi Arabia has launched a major new tourism project aimed at turning the Asir region into a world-class tourist destination. A partnership between Aseer Investment Co., a subsidiary of the Public Investment Fund (PIF), and Rikaz Real Estate will form a holding company focused on sustainable development and preserving the region’s cultural heritage.

The new company will work to create a tourism environment that offers visitors a unique experience, blending local traditions with modern attractions. One of its key goals is to protect the environment, support local businesses, and promote sustainable tourism.

In October, the city of Abha, part of the Asir region, also secured a new partnership to develop local tourism, focusing on dining and retail experiences that highlight the area’s culture. The project is expected to create thousands of jobs and boost the region’s economy.

Saudi Arabia’s growing tourism sector is a major part of its Vision 2030 plan to diversify the economy. The Kingdom saw a 73% increase in international visitors in the first seven months of 2024, compared to 2019. With plans to attract 150 million visitors by 2030, Saudi Arabia is positioning itself as a leading global tourism destination.