Saudi Arabia’s sovereign wealth fund PIF (The Public Investment Fund) announced the establishment of a new Saudi Tourism investment company (Asfar) to boost the country’s tourism sector.

The main goal of the investment firm is to inject money into new tourism projects and develop attractive destinations with hospitality, tourist hotspots, retail, and food and beverage offerings across Saudi Arabia, according to media reports.

The new investment arm will cover the tourist ecosystem including local suppliers, contractors, and small and medium-sized enterprises (SMEs) to develop more tourism projects and destinations.

The company aims at attracting domestic and international tourists to a large number of destinations across the country and contributes to the national target of attracting 100 million visitors per year by 2030, according to reporters.

PIF owns several strategic companies that aim to invest in and develop tourism destinations across Saudi Arabia, including Aseer Investment Company and Saudi Downtown Company.

Head of Entertainment, Leisure, and Sports sector in Mena Investments at PIF, Mishary Alibraheem, said: “Asfar will activate the role that Saudi Arabia’s cities play in supporting the national economy. It will enable each city to make the most of its unique tourism offering, further diversifying and enriching the tourism and entertainment experience in Saudi Arabia.”

“The creation of the company is in line with PIF’s strategy to create opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030,” said Alibraheem.

“The launch of Asfar is in line with PIF’s strategy to unlock opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030, he added.