Saudi Arabia to Transform Asir into Global Tourist Hub

1 month ago Editor

Saudi Arabia’s Asir region is on a path to becoming a premier global tourism destination, supported by a new holding company that merges cultural heritage with sustainable growth to attract visitors and boost local development.

Saudi Arabia is making significant strides to position its Asir region as a top global tourism destination. This ambitious move is spearheaded by a newly formed holding company established through a partnership between Aseer Investment Co., part of the Public Investment Fund (PIF), and Rikaz Real Estate. The venture is aimed at blending Asir’s rich cultural heritage with sustainable tourism practices to create an exceptional visitor experience.

The initiative promises to enhance tourism offerings by immersing guests in local traditions while prioritizing environmental conservation and community development. Plans include collaborations with artisans and local businesses to maintain the region’s authenticity and support its economy.

In a related move to boost tourism, Abha city secured new investments for culturally enriched dining and retail projects. The collaboration involves PIF’s Aseer Investment Co., Nimr Real Estate, and Syahya (National Co. for Tourism). This partnership is expected to serve as a model for future private sector engagements and foster job creation within the region.

Asir’s ambitious development is projected to generate up to 18,000 jobs and could contribute up to 6 percent of the non-oil GDP within the next decade, as outlined earlier this year by AIC CEO Osama Al-Othman.

Saudi Arabia’s tourism growth has been notable, with a 73 percent rise in international visitors in the first seven months of 2024 compared to 2019, positioning the nation as a leader among G20 countries. This achievement aligns with the broader Vision 2030 plan, which aims to diversify the economy and boost the tourism sector’s contribution to GDP from 6 to 10 percent by 2030.