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RIYADH: ��������’s quest to become a global travel destination has been boosted thanks to Saudi Tourism Investment Co., also known as Asfar, sealing an agreement with the municipality of Al-Baha to develop mountain exploration projects. 

A memorandum of understanding was formalized during the Cityscape Global event in Riyadh, organized by ��������’s Ministry of Municipal, Rural Affairs and Housing, as reported by the Saudi Press Agency. 

Fahad Bin Mushayt, CEO of Public Investment Fund-owned Asfar, said: “We aim to invest in promising Saudi cities such as Al-Baha to instill the mountain and agro-tourism concept in the Kingdom as part of our mission to improve the tourism sector’s offerings to unprecedented levels.”  

He added: “We also focus on providing a diverse package of modern experiences that blend adventure with entertainment, and on investing in boosting local strengths to create an attractive tourism ecosystem in Al-Baha for visitors.”  

Developing the tourism sector is a crucial agenda outlined in ��������’s Vision 2030, as the Kingdom steadily diversifies its economy, which has long been reliant on oil. 

The MoU aligns with ��������’s National Tourism Strategy, which seeks to attract 100 million visitors by 2030, along with increasing the tourism sector’s contribution to the country’s gross domestic product to above10 percent. 

“Al-Baha has great potential, is rich in wonderful vistas, has a charming locale and many archaeological sites, some of which have been nominated to be listed among the UNESCO World Heritage Sites,” said Ali Al-Sawat, mayor of Al-Baha.  

“We are pleased to partner with Asfar to boost and enable the tourism sector in Al-Baha, improve its role in diversifying the national economy, enrich local content, and share its natural and cultural wealth with tourists,” he added.  

Asfar was unveiled by PIF in July, and is focused on driving investments in tourist destinations and projects across the Kingdom.  

The wealth fund has emphasized that Asfar will actively engage the private sector through co-investments in the tourism sector, thereby creating opportunities for local suppliers, contractors, and small and medium enterprises across ��������.