Saudi sovereign fund sets up tourism venture Asfar to drive investments

The fund noted that the new company will support Saudi Arabia’s National Tourism Strategy, which aims to attract 100 million domestic and international visitors annually by 2030. (Shutterstock)
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Updated 27 July 2023
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Saudi sovereign fund sets up tourism venture Asfar to drive investments

RIYADH: Affirming Saudi Arabia’s growth to become a global travel destination, the Public Investment Fund has established the Saudi Tourism Investment Co., or Asfar, to drive investments in tourist destinations and projects across the Kingdom. 

According to a press statement, Asfar will involve the private sector through co-investments and create opportunities for local suppliers, contractors and small and medium enterprises in the Kingdom.

The fund noted that the new company will support Saudi Arabia’s National Tourism Strategy, which aims to attract 100 million domestic and international visitors annually by 2030. 

“The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia,” said the fund in the press statement. 

Saudi Arabia is also eyeing to increase the contribution of the tourism sector to the gross domestic product in the Kingdom to more than 10 percent.

The press release further noted that the newly launched company would leverage Saudi Arabia’s strategic location across the three continents of Asia, Africa and Europe to promote the beauty and diversity of the Kingdom’s terrain. 

“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,” said Mishary Alibraheem, head of entertainment, leisure and sport sector in the Middle East and North Africa investments at PIF. 

He added: “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, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.” 

The fund has previously launched a couple of companies to elevate the tourism infrastructure in the Kingdom, which includes Aseer Investment Co.  and Saudi Downtown Co.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.