https://arab.news/rrc8s
RIYADH: Saudi Arabia’s Abha city has secured a new investment partnership to boost tourism by developing culturally rich dining and retail experiences.
The Public Investment Fund firm Aseer Investment Co. has signed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to propel the project, the Saudi Press agency reported.
This aligns with the objectives of developing Abha, which will offer a range of benefits, including retail stores that reflect the cultural heritage of the Asir region.
The partnership also seeks to be a model for multiple collaborations with private sector investors and create more regional job opportunities.
Investments in the region are expected to create between 14,000 and 18,000 job opportunities and contribute to up to 6 percent of the non-oil gross domestic product within 10 years, as outlined by the CEO of AIC Osama Al-Othman in February.
The latest agreement seeks to empower the local community and develop and diversify the regional economy in line with the strategy of PIF.
In February, during PIF’s second Private Sector Forum, Prince Turki bin Talal, chairman of Aseer Investment Co., unveiled the company’s ambitious plans as it embarked on its operational journey to make the area the number one tourist destination in the Kingdom.