Saudi Arabia's Public Investment Fund has established Saudi Tourism Investment Company, or Asfar, to support the growth of the kingdom’s tourism sector.
The company will invest in new tourism projects and develop destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia, the Arab world’s biggest economy, the PIF said in a statement on Thursday.
Besides offering co-investment opportunities to the private sector, Asfar will aim to create a supportive environment for local suppliers, contractors, and small and medium-sized enterprises to develop tourism projects.
It aims to create a competitive environment that will boost the “variety and quality of the hospitality and tourism offering”.
“The creation of the company is in line with PIF’s strategy to create opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector,” Mishary Alibraheem, head of entertainment, leisure and sport sector in Middle East and North Africa 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.”
Saudi Arabia's Crown Prince Mohammed bin Salman is implementing social reforms alongside the economic agenda to help modernise the kingdom, including holding music concerts, opening cinemas and allowing women to drive.
The kingdom's economy, which expanded 8.7 per cent last year, grew by 3.8 per cent in the first quarter on an annual basis, boosted by growth in the non-oil sector.
One of the world’s largest sovereign wealth funds, the PIF is at the centre of the Saudi Vision 2030 initiative to diversify the country’s economy from hydrocarbons.
Under the initiative, the kingdom is developing non-oil sectors such as entertainment, culture and sports to create jobs, boost quality of life and attract highly skilled talent and tourists.
Earlier this year, the PIF-owned AlUla Development Company launched operations with the aim of turning the city into a global tourism destination in Saudi Arabia. The company plans to deliver hospitality, residential, retail and infrastructure projects as part of the tourism push.
Saudi Entertainment Ventures (Seven), a wholly owned unit of the PIF, said in November that it plans to invest 50 billion Saudi riyals ($13.3 billion) to develop 21 integrated entertainment destinations in 14 cities in the kingdom.
Asfar intends to 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, the PIF said.
The wealth fund owns various companies that aim to develop tourism destinations across the country. These include Aseer Investment Company, which aims to transform Aseer into a year-round tourism destination, and Saudi Downtown Company that is mandated to build and develop downtown areas within Saudi Arabia.
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It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
