PIF-backed tourism investment outfit Asfar earned a spotlight from Bloomberg for its push to pursue developments in lesser-known cities, in a bid to widen options for incoming tourists. “We focus on establishing tourism destinations almost everywhere in Saudi Arabia, except Riyadh and Jeddah,” Asfar CEO Fahad Bin Mushayt told the business information service.

Across the Kingdom: The firm will launch its first developments in the mountainous city of Al Baha in the Kingdom’s southwest and the Red Sea port city of Yanbu by year’s end, Mushayt said. Another half dozen developments across other often overlooked Saudi cities are targeted to provide some 2k hotel keys and reel in 5 mn new tourists by 2030. Asfar’s developments cost between USD 40-107 mn, with some 30% of costs covered by the private sector, Mushayt added.

ICYMI- Saudi tourism sector is on the up: The Tourism Ministry doubled its 2030 target to 150 mntourist trips last year, after hitting the 100 mn milestone ahead of schedule, with the new target including 80 mn domestic and 70 mn international travelers. The government is also investing some USD 800 bn in the tourism sector under plans to build new future destinations at Neom, the Red Sea, Diriyah, and Qiddiya, among others.

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