PIF's Asfar, Ahsa Municipality ink MoU to develop tourism destination in Eastern Province

Signing ceremony

The Saudi Tourism Investment Company (Asfar), wholly owned by the Public Investment Fund (PIF), signed a memorandum of understanding (MoU) with Ahsa Municipality to develop a prime tourism destination in the Eastern Province, according to a statement today, Jan. 21.

The strategic partnership with Ahsa Municipality aims to achieve transformation in the tourism sector, the statement said.

Through joint investment with the private sector, the company will work on transforming an area extending over 500,000 square meters into a vibrant destination, featuring touristic and entertainment offerings as well as unique hospitality services.

PIF announced, on July 27, 2023, the establishment of Asfar to support the growth of the Kingdom’s tourism sector, according to Argaam's data.

The company invests in new tourism projects and develops attractive destinations with hospitality, tourist, retail, and food and beverage offerings in cities across Saudi Arabia, in addition to investing in the local tourism value chain.