RIYADH: The CEO of Saudi Tourism Investment Co. has disclosed that the company’s fifth destination development will be the city of Hail in northwest Saudi Arabia.
Following the activation of the company’s projects in Al-Baha, Yanbu, Al-Ahsa, and Taif, Fahad bin Mushayt revealed the plan in an interview with Arab News on the fringes of the Future Hospitality Summit All of the projects were started within a year of the Public Investment Fund-owned company, also known as Asfar, making its debut.
The company’s mandate is to invest in new projects and create appealing travel destinations in Saudi Arabian cities. These destinations must include retail, food and beverage options, accommodation, and tourist attractions.
“Asfar is already playing in four destinations in almost a year, and Hail is coming soon, so I can reveal that,” stated Bin Mushayt.
According to the management, the organization is attempting to close the divide between the public and private sectors as well as the local community in order to develop distinctive experiences that respect the national and local identities. During the summit, the company secured several agreements with hospitality developers to introduce four asset classes in Yanbu, bringing this idea to reality.
Among them were the Royal Commission for Yanbu and the signing of investment agreements with Baheej, a joint venture between the firm and the Tamimi-AWN alliance.
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