Asfar and Ahsa Municipality to Develop Prime Tourism Destination in Eastern Province

Riyadh - The Saudi Tourism Investment Company (Asfar), a wholly-owned subsidiary of the Public Investment Fund (PIF), has signed a memorandum of understanding with Ahsa Municipality to collaborate on the development of a premier tourism destination in the Eastern Province, as stated in an official statement.

The strategic partnership between Asfar and Ahsa Municipality aims to drive transformative growth in the tourism sector of the region.

Through a joint investment initiative with the private sector, Asfar will focus on the revitalization of a sprawling area spanning over 500,000 square meters. The development project aims to create a dynamic and vibrant destination, offering a diverse range of touristic and entertainment experiences, along with unique and exceptional hospitality services.

The establishment of Asfar was announced by the Public Investment Fund on July 27th with the objective of supporting the growth and advancement of Saudi Arabia's tourism sector. The company is dedicated to investing in new and exciting tourism projects, creating appealing destinations that encompass a mix of hospitality, attractive tourist sites, retail experiences, and food and beverage offerings. These initiatives will be rolled out across various cities in the country, with the goal of enhancing the value chain within the local tourism industry.

The partnership between Asfar and Ahsa Municipality is set to play a crucial role in boosting tourism in the Eastern Province. The joint efforts will contribute to the region's socioeconomic development, promote job opportunities, and attract both domestic and international visitors.

This collaboration aligns with the Saudi Vision 2030's objectives of promoting tourism as a key driver of economic diversification and enhancing the country's position as a global tourist destination.