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 main index rises to close at 11,251 

Updated 12 February 2026
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Closing Bell: Saudi main index rises to close at 11,251 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81. 

The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.    

The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.     

The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.   

Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55. 

Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56. 

Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55. 

On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year. 

The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.  

Multi Business Group Co. ended the session at SR9.90, down 1 percent. 

Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs. 

Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.