DUBAI: The Public Investment Fund subsidiary ASFAR is set to launch new tourist attractions by early next year, reinforcing its commitment to economic growth and diversification, according to CEO Fahad bin Mushayt.
In an interview with Arab News during the Future Hospitality Summit in Dubai, Bin Mushayt said that the latest destination will debut in Al-Baha by the beginning of next year.
ASFAR, which has been operational for nearly two years, is collaborating with investors to enhance the Kingdom’s tourism sector by focusing on eight key destinations aligned with the Ministry of Tourism’s strategy.
While ASFAR does not directly develop these projects, it leverages its robust investment strategies and tourism expertise to partner with other companies, creating new opportunities in the sector. Among its projects are locations in Hail, Al-Baha, Yanbu, Al Hasa, Taif, and Al Jouf.
“Since we started, we are now active in five destinations,” the CEO stated.
In Al-Baha, ASFAR is developing two resorts, with a soft opening anticipated in the first quarter of 2025.
He said the company is “building almost 150 keys across two distinct locations, each offering unique experiences.” The top executive said one “caters to parents and couples, while the other targets the youth with an adventure park combined with hospitality.”
Describing Al-Baha as a “beautiful destination atop the mountains, known for its greenery and mild climate averaging around 20 degrees year-round.”
Bin Mushayt also highlighted plans for Taif, located two hours from Al-Baha, focusing on religious tourism due to its proximity to Makkah.
“We’re targeting religious tourism by building a wellness resort, allowing visitors to reaffirm their spiritual needs while enjoying the local scenery and mountains, just 30 to 40 minutes from Makkah,” he elaborated.
In Yanbu, a coastal city on the Red Sea about two hours from Jeddah, additional developments include a lifestyle hotel, beach club, beach resort, and tourism center featuring food and beverage options, retail, a diving academy, and marine activities. “Yanbu is known as one of the best diving areas in the world,” Bin Mushayt noted.
Further projects are also underway in Al Hasa and Hail, scheduled to open in 2025 and 2026.
Tourism is a key component of Saudi Arabia’s Vision 2030, aimed at diversifying the economy beyond oil revenues.
Bin Mushayt highlighted the sector's growth, stating, “Tourism is currently growing at nearly double-digit rates, contributing significantly to the GDP.”
ASFAR’s initiatives also aim to create jobs and stimulate the overall economy, with aspirations 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.
Bin Mushayt emphasized the importance of local content and community involvement in these projects. “We prioritize using local materials and supporting small and medium enterprises within the destinations,” he said.
He further noted that “many family-oriented products and services will also be offered,” driving economic activity and development through tourism.
Expressing enthusiasm for Saudi Arabia’s goal of attracting 150 million annual visitors, he stated that ASFAR aims to welcome at least 5 million visitors to its destinations.
