Saudi’s Public Investment Fund launches Aseer Investment Company

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has announced the establishment of Aseer Investment Company (AIC) to operate as its investment arm in the country’s Aseer region.

The new company will promote and stimulate local and foreign direct investment to develop the region into a tourism destination, PIF said in a statement on Thursday.

AIC will unlock investment opportunities for domestic and international investors across several sectors including tourism, hospitality, healthcare, sports, education, food, and other domestic industries, to foster public-private partnerships, create jobs for the local community, and promote the region’s tourism and investment opportunities.

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

“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 Asir’s region position as a leading investment destination.​

#PIF announced today the launch of the Aseer Investment Company #AIC to operate as its investment arm in the southwest Saudi region.
The company will stimulate local and foreign direct investment to develop Aseer into a year-round tourism destination.https://t.co/PGMaSwfLjL pic.twitter.com/TWhi98PCwB

— Public Investment Fund (@PIF_en) December 1, 2022

PIF announced in October that it will establish five regional investment companies, with the aim of investing in Bahrain, Iraq, Jordan, Oman, and Sudan. The announcement followed the launch of the Saudi Egyptian Investment Company in August, which would invest in the North African country.

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