PIF's Aseer Investment inks partnership deal for Abha project

Logo of Aseer Investment Co.

Aseer Investment Co. (AIC), the investment arm of the Public Investment Fund (PIF) in Aseer Province, signed today, Oct. 7, n investment partnership agreement with NMR Real Estate Co. and National Company for Tourism (Syahya) to develop a project in Abha.

The project aims to promote the tourism sector in Aseer Province through a group of restaurants and cafes that reflect the cultural richness of the region. It also seeks to attract more local and international visitors, as well as create more job opportunities, the company said in a statement cited by Saudi Press Agency (SPA).

For more news and details on the projects

In December 2022, the PIF announced the establishment of AIC to operate as its investment arm in Aseer Province, with the aim of promoting and stimulating local and foreign direct investments to develop and transform the region into a year-round tourism destination, data compiled by Argaam showed.

Last February, AIC launched operations to unlock promising opportunities in 12 different industries, including hospitality, entertainment, education, technology, and retail. This was through strategic partnerships with international investors as well as the public and private sectors.