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PIF Announces Establishment of Saudi Tourism Investment Company ‘Asfar’

Asfar contributes to the national target of attracting 100 million visitors per year by 2030. Photo: PIF
Asfar contributes to the national target of attracting 100 million visitors per year by 2030. Photo: PIF
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PIF Announces Establishment of Saudi Tourism Investment Company ‘Asfar’

Asfar contributes to the national target of attracting 100 million visitors per year by 2030. Photo: PIF
Asfar contributes to the national target of attracting 100 million visitors per year by 2030. Photo: PIF

The Public Investment Fund (PIF) announced on Thursday the establishment of the Saudi Tourism Investment Company (Asfar) to support the growth of the country’s tourism sector.

The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia, in addition to investing in the local tourism value chain.

Asfar will enable the private sector through co-investment opportunities and by creating an attractive environment for local suppliers, contractors, and small and medium-sized enterprises (SMEs) to develop tourism projects and destinations, thereby creating a competitive environment that will enhance the variety and quality of the hospitality and tourism offering.

The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe as well as the competitive advantages of its cities. It will seek to benefit from the natural beauty and diversity of Saudi Arabia’s terrain and culture to further enhance tourism experiences in the country. This will attract domestic and international tourists to a large number of untapped destinations across the country and contribute to the national target of attracting 100 million visitors per year by 2030.

“Asfar will activate the role that Saudi Arabia’s cities play in supporting the national economy. It will enable each city to make the most of its unique tourism offering, further diversifying and enriching the tourism and entertainment experience in Saudi Arabia,” said head of Entertainment, Leisure and Sports sector in MENA Investments at PIF Mishary Alibraheem.

“PIF tourism projects and companies are working side by side, supporting and strengthening the tourism ecosystem. The creation of the company is in line with PIF’s strategy to create opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.”

PIF owns several strategic companies that aim to invest and develop tourism destinations across Saudi Arabia, including Aseer Investment Company (“AIC”), which aims to transform Aseer into a year-round tourism destination, as well as Saudi Downtown Company (“SDC”), mandated to build and develop downtown areas within Saudi Arabia.

The launch of Asfar is in line with PIF’s strategy to unlock opportunities in the tourism sector and reinforce strategic partnership opportunities with the private sector, creating jobs and diversifying sources of income for the local economy in line with Saudi Vision 2030.

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Saudi Arabia Enacts Reforms to Boost Business Climate, Investment Appeal

Riyadh (SPA)
Riyadh (SPA)
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Saudi Arabia Enacts Reforms to Boost Business Climate, Investment Appeal

Riyadh (SPA)
Riyadh (SPA)

Saudi Arabia will enforce two major regulatory frameworks, the Law of Commercial Register and Law of Trade Names, starting Thursday, marking a significant overhaul of its business registration process.

The reforms are part of the kingdom’s ongoing efforts to modernize its regulatory environment, create a more business-friendly ecosystem, and strengthen its position as a global investment hub in line with Vision 2030.

Approved by the Saudi government on Sept. 17, the new laws represent a major regulatory shift aimed at empowering investors, facilitating business growth, and unlocking investment opportunities nationwide.

They form part of a broader, ongoing regulatory transformation designed to enhance transparency, improve the business climate, and align with the kingdom’s economic and technological advancements.

Commerce Minister Majid Al-Kassabi said the Cabinet’s approval of the laws aims to streamline business operations and ease the burden on enterprises by consolidating their registration into a single nationwide record.

The new framework also standardizes the reservation and registration of trade names to protect and enhance their value, aligning with Saudi Arabia’s economic and technological advancements under Vision 2030.

Saudi Arabia ranks 62nd out of 190 economies in the World Bank's latest annual Ease of Doing Business index.

Ministry of Commerce official spokesperson Abdulrahman Al-Hussein noted that the new commercial register law introduces major changes.

Among the key changes are the elimination of subsidiary registers, with a single commercial register now being sufficient. Additionally, the law removes the requirement to specify the city of registration, allowing one commercial registration to apply across all regions of the Kingdom.

The new law also obligated commercial establishments in Saudi Arabia to open bank accounts linked to the establishment in order to enhance its reliability and ensure the integrity of its transactions.

In addition, the law cancels the expiration date for the commercial register, requiring only an annual confirmation of the data, the spokesman stated.

Under the law, the commercial registration number will serve as the establishment’s unified number, starting with (7).

The ministry will grant existing subsidiary registers a five-year grace period to rectify their status in accordance with the new regulations.

Meanwhile, the new Law of Trade Names in Saudi Arabia, which consists of 23 articles, aims to regulate the procedures for reserving and recording names in the commercial register, maximizing their value, and protecting them and their rights.

The law allows a trade name to be reserved before it is recorded for a specific period that can be extended. It also sets the requirements that must be met by trade names to be registered or reserved, and the criteria for prohibited names.

Al-Hussein explained that the new regulations also allow for the reservation and registration of trade names in English, including letters or numbers.

This marks a departure from the previous law, which permitted only Arabic names without foreign characters or numbers.

The new law will enable the management of trade names independently from the establishment, allowing for the transfer of their ownership while prohibiting the registration of identical or similar names for different establishments in Saudi Arabia, even if their activities differ.

Al-Hussein noted that the law also includes regulations for reserving family names as trade names and establishes criteria for prohibited or misleading names.