Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

Hashim Al-Dabbagh, acting CEO of Aseer Development Authority, and Muzzammil Ahussain, CEO of Almosafer. Almosafer
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Updated 13 May 2024
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Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

RIYADH: Saudi Arabia’s Asir region is edging closer to becoming a premier global tourism destination, thanks to a new partnership with fellow Kingdom-based travel company Almosafer.    

Signed with the area’s development authority, the memorandum of understanding aims to leverage the firm’s expertise and diverse range of travel services across its business verticals to drive tourism in the region and curate inspired experiences for visitors, according to a statement. 

This move falls in line with both parties’ goal to establish Asir, situated along the Red Sea coast, as a year-round tourism destination for local and global visitors alike.  

“Our partnership with Almosafer comes at a significant moment as we are accelerating efforts to enhance the Asir region’s visibility and appeal to domestic and international travelers as a year-round-destination,” said Hashim Al-Dabbagh, acting CEO of Asir Development Authority.   

He added: “Through comprehensive training, collaborative marketing, and the integration of Asir’s activities and offerings onto Almosafer’s digital platforms, we aim to showcase the region’s exceptional offerings to the wider world.”   

Moreover, Almosafer’s geographical reach and experience in the Kingdom will be pivotal in introducing regional and global tourists to the region. 

On the other hand, Muzzammil Ahussain, CEO of Almosafer, said: “As the national champion of tourism in Saudi Arabia, Almosafer supports the tourism agenda of the Kingdom’s Vision 2030 and is well-positioned to showcase and unlock the potential of Asir’s tourism diversity by leveraging each of our business verticals. 

He added: “The collaboration with Asir Development Authority will contribute to the sustainable growth of the region’s tourism sector, help create memorable experiences for travelers, and foster positive economic impact within the local community.”

In February, during the Public Investment Fund’s second Private Sector Forum, Prince Turki bin Talal, chairman of Aseer Investment Co., unveiled the company’s ambitious plans as it embarked on its operational journey. 

“Today, with the commencement of our operations, we pledge to work tirelessly with our partners to make Asir the number one tourist destination in the Kingdom,” said Prince Turki, who is also the governor of the Asir region, at the time. 

With Saudi Arabia planning to invest $1 trillion in the tourism sector in line with its ambitious Vision 2030, the Asir region aims to raise its current tourism numbers and attract around 9.1 million tourists by the end of the decade. 


Closing Bell: Saudi benchmark index closes lower at 10,540 

Updated 24 December 2025
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Closing Bell: Saudi benchmark index closes lower at 10,540 

RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72. 

The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.  

Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market. 

Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million). 

On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.  

Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively. 

Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.  

Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.  

Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent. 

On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.   

The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.  

BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.  

Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.   

The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer. 

In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.  

The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.  

Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.