RIYADH — The Public Investment Fund (PIF) announced on Thursday the establishment of Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia.

The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination.

AIC will unlock a wide range of investment opportunities for domestic and international investors across number of sectors including tourism, hospitality, healthcare, sports, education, food, and many other fast-growing domestic industries, to contribute to fostering public-private partnerships, creating jobs for the local community, and promoting the region’s tourism and attractive investment opportunities.

Raid Ismail, Head of Direct Investments for the Middle East and North Africa at PIF said; “Aseer Investment Company aims to become a leading facilitator of broad-ranging investment opportunities in Aseer.”

“AIC will promote the region’s rugged mountains, stunning nature, and storied culture, preserve its ancient history and heritage, and transform it into a world-class tourist destination for visitors from across the globe in line with PIF’s strategy and Vision 2030.”

The establishment of the company is in line with PIF’s strategy to unlock the capabilities of promising sectors in Saudi Arabia, support the country, and in line with Aseer’s region position as a leading investment destination. — SG