Riyadh, Saudi Arabia – -: Aseer Investment Company (AIC) has launched operations to support the transformation of the Aseer region into a year-round destination with a focus on tourism, sports and wellness. The company is fully owned by the Public Investment Fund (PIF) and was announced in December 2022 to stimulate local and international investment in the region.
AIC will unlock a wide array of investment opportunities across 12 sectors including hospitality, entertainment, education, F&B, technology and retail. It aims to create mutually beneficial partnerships with international investors as well as public and private sector entities.
The company’s vision is to be a regional investment leader with an ability to foster opportunities for everyone and to capture the full potential of Aseer while ensuring environmental sustainability. Its mission is to build tomorrow’s leading enterprises by investing across industries with the highest developmental impact on Aseer while generating sustainable returns.
HRH Prince Turki bin Talal bin Abdul Aziz, Chairman of Aseer Investment Company commented on the announcement at the Public Investment Fund Private Sector Forum in Riyadh: “With unparalleled support from the Saudi leadership to develop and transform Aseer into a year-round global tourism destination, the region is currently experiencing unprecedented growth as we untap its true potential. It is home to numerous unique cultural, natural and environmental offerings including coasts, plateaus, mountains and deserts – and our aim is to provide seamless and memorable tourism experiences.”
Osama bin Abdullatif AlOthman, CEO of AIC commented on the announcement: “Aseer Investment Company, owned by the Public Investment Fund, will contribute to Aseer Development Strategy and transform it into a year-round destination. We will collaborate with global, regional and local investors and untap the promising tourism potential of the region, contributing to its prosperity as well as the country’s economic and social growth.”
Two Memoranda of Understanding (MoU) were signed at the event by AIC: the first MoU was with Syahya by its CEO Younis Aldarwish focusing on a hospitality project in Aseer; and another MoU with NMR Group by its CEO Nawaf M. AlRajhi for a co-investment partnership. A third key agreement was also signed with the Municipality of Aseer by its First Officer His Excellency Eng. Abdullah bin Mahdi Al-Jali, involving a long-term leasing agreement.
Aseer – a region that is home to a variety of locations full of natural beauty and heritage – will be one of many tourism destinations that are currently under development in Saudi Arabia in line with PIF’s strategy and Aseer Development Strategy to drive Vision 2030 goals including economic growth. Aseer Investment Company will announce details of its key projects in due course as per its project timeline.