Tag Archives: Asfar

Baheej Tourism Development Company, a joint venture between ASFAR, the Saudi tourism investment company owned by PIF, and the Tamimi-AWN Alliance, signed a strategic agreement with Kerten Hospitality at the Future Hospitality Summit in Riyadh to manage Baheej’s hotel in Yanbu under the premium Cloud 7 brand, an innovative hotel and residence lifestyle brand known for its vibrant designs, dynamic check-in lobbies, healthy food options, and curated retail boutiques. This strategic collaboration signifies ASFAR’s commitment to enhancing the hospitality sector and demonstrates the company’s ability to leverage its extensive network for the benefit of its partners and subsidiaries. Kerten Hospitality’s commitment to taking an innovative approach to shaping modern hospitality offerings and its dedication to fostering vibrant communities reflects Baheej’s dedication to not only uplift the hospitality experience in Yanbu but also to positively impact the local community and tourism sector. Dr. Fahad bin Mushayt, CEO of ASFAR, the Saudi tourism investment company stated, “Baheej’s collaboration with Kerten Hospitality underlines our core principle: empowering partners and subsidiaries through our expansive network. ASFAR is committed to cultivating alliances and co-investing with private sector entities, both local and global, to accelerate the advancement of Saudi Arabia’s tourism sector and enrich communities in promising cities across the Kingdom in alignment with Vision 2030.” Through a focus on integrating local culture and promoting environmental sustainability in its operations, Baheej seeks to elevate Yanbu’s appeal as a destination while fostering economic and social development in the region. This initiative is a testament to Baheej’s commitment to creating spaces that celebrate the community and the environment, ushering in a new chapter in the story of Yanbu’s hospitality landscape. Norah Al Tamimi, CEO of Baheej Group, expressed …

The Public Investment Fund (PIF) announced the establishment of the Saudi Tourism Investment Company (Asfar or the Company) to support the growth of the country’s tourism sector. The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia, in addition to investing in the local tourism value chain. Asfar will enable the private sector through co-investment opportunities, and by creating an attractive environment for local suppliers, contractors, and small and medium-sized enterprises (SMEs) to develop tourism projects and destinations, thereby creating a competitive environment that will enhance the variety and quality of the hospitality and tourism offering. The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe as well as the competitive advantages of its cities. It will seek to benefit from the natural beauty and diversity of Saudi Arabia’s terrain and culture to further enhance tourism experiences in the country. This will attract domestic and international tourists to a large number of untapped destinations across the country and contribute to the national target of attracting 100 million visitors per year by 2030. Mishary Alibraheem, Head of Entertainment, Leisure and Sport sector in MENA Investments at PIF, 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. “PIF tourism projects and companies are working side by side, supporting and strengthening the tourism ecosystem. The creation of the company is in line with PIF’s strategy …