Riyadh – Mubasher: The Public Investment Fund (PIF) has established Aseer Investment Company (AIC) to operate as its investment arm in the Saudi region Aseer.

The firm will boost local and foreign direct investment in order to make the region a year-round tourism destination, according to a recent press release.

The launch of the AIC aligns with PIF’s objective to unlock the capabilities of major sectors across Saudi Arabia and support the Kingdom.

Meanwhile, the new entity aims to secure opportunities for domestic and international investors across a number of sectors, including tourism, hospitality, healthcare, sports, education, food, and many more.

AIC will also reinforce public-private partnerships, provide jobs for the local community, and develop the region’s tourism and attractive investment opportunities.

Raid Ismail, Head of Direct Investments for the Middle East and North Africa at PIF, said: “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.”

Last October, the PIF announced plans to establish new companies that would direct investments in Bahrain, Iraq, Jordan, Oman, and Sudan.