Saudi Arabia’s PIF Establishes Aseer Investment Company

Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors. (Public Investment Fund)
Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors. (Public Investment Fund)
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Saudi Arabia’s PIF Establishes Aseer Investment Company

Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors. (Public Investment Fund)
Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors. (Public Investment Fund)

The Saudi Public Investment Fund announced on Thursday the establishment of Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region, south of Saudi Arabia.

The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination.

AIC will unlock a wide range of investment opportunities for domestic and international investors across a number of sectors, including tourism, hospitality, healthcare, sports, education, food, and many other fast-growing domestic industries.

It will contribute to fostering public-private partnerships, creating jobs for the local community, and promoting the region’s tourism and investment opportunities.

Raid Ismail, Head of Direct Investments for the Middle East and North Africa at PIF said: “AIC aims to become a leading facilitator of broad-ranging investment opportunities in Aseer.”

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, Ismail added.

The company’s establishment comes in line with PIF’s strategy to unlock the capabilities of promising sectors in the Kingdom and support the country. It also comes in line with the Aseer region’s position as a leading investment destination.



Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
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Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)

Saudi factories are increasingly adopting automation to improve product quality and competitiveness while cutting costs.
A total of 479 factories have completed the Smart Industry Readiness Index “SIRI” assessment, exceeding the Kingdom’s 2023 targets.
The Ministry of Industry and Mineral Resources started evaluating the second group of factories under the Future Factories Program in July 2023. This phase covers 260 factories, each with licensed capital over SAR 200 million ($53.3 million).
According to a recent report reviewed by Asharq Al-Awsat, the Ministry resolved 97 challenges last year and provided consultancy support to 17 factories to protect national industries from unfair competition.
In the 2023 Digital Transformation Measurement Program, the Ministry achieved 87.08% success and connected with over 67 government entities. It also launched several systems and websites to support its strategic goals.
Saudi Arabia’s mining sector achieved a 98% compliance rate in licensing, with 15 new mining sites designated last year.
The government launched a geological mapping project for the Arabian Shield, producing 271 reports and maps, and introduced a service to match petrochemical raw materials with industrial needs.
The Ministry of Industry and Mineral Resources reported a 10% increase in operational factories in 2023, from 10,518 in 2022 to 11,549. New licenses totaled 1,379, attracting over SAR 81 billion ($21.6 billion) in investments. Production began in 1,058 factories, with investments of SAR 45 billion ($12 billion).
By the end of December 2023, the total number of operational factories in Saudi Arabia reached around 11,549, with investments totaling SAR 1.541 trillion ($410.9 billion).
New licenses covered 25 industries, led by food production (244 licenses), non-metallic minerals (176), fabricated metals (165), and rubber and plastics (123).
National companies received the majority of new licenses (1,043), followed by foreign investments (194) and joint ventures (142).
Small enterprises received the most licenses (1,203), followed by medium-sized enterprises (158), micro-enterprises (15), and large enterprises (3).