Southern Saudi Arabia’s Aseer region is fast emerging as a new economic powerhouse, fueled by multi-billion-riyal investments across diverse sectors. This transformation is part of a broader government push to unlock the region’s economic potential and establish it as a key private sector enabler.
The second edition of the Aseer Investment Forum, which opened Tuesday, is expected to draw over SAR 4 billion ($1.06 billion) in new investments. This comes on top of more than SAR 5 billion ($1.33 billion) already secured since the launch of the region’s development strategy. Additionally, SAR 25 billion ($6.6 billion) have been committed to strategic government-led projects already underway on the ground.
Launched in 2021 by Prince Mohammed bin Salman, Crown Prince and Prime Minister, the Aseer Development Strategy, titled “Qimam wa Sheym” (Summits and Values), aims to inject SAR 50 billion into a wide range of projects.
The initiatives focus on vital infrastructure, tourism development on Aseer’s majestic peaks, and long-term growth that merges cultural heritage with modernity. The ultimate goal is to make Aseer a year-round global tourist destination and a catalyst for economic and social development.
The investment forum, organized by the Aseer Development Authority, brings together 1,500 key stakeholders, including policymakers, investors, and sector leaders. It aims to accelerate public-private collaboration, foster a competitive investment environment, and support Saudi Arabia’s Vision 2030 goals.
Strategic partners
In his opening remarks, Prince Turki bin Talal, Governor of Aseer and Chairman of the Aseer Development Authority, highlighted the SAR 25 billion already committed to essential infrastructure and development projects. These efforts are backed by strategic partners, such as the Public Investment Fund (PIF), Tourism Development Fund, Social Development Bank, and other financing entities.
“This forum is not merely an economic gathering; it is a strategic milestone,” said Prince Turki. “It confirms Aseer’s transformation into a comprehensive development hub and a vital pillar of the national economy.”
Business growth on the rise
Participating virtually, Minister of Commerce Dr. Majid Al-Qasabi revealed that Saudi Arabia had registered 1.7 million commercial licenses as of April 2025, 90,000 of which are based in Aseer, representing 5.3% of the national total.
He noted that commercial registrations for sole proprietorships have risen by 32%, from 939,000 in 2018 to 1.2 million in 2025. Limited liability company registrations surged 138%, while joint-stock company registrations grew 76% during the same period.
Al-Qasabi also highlighted a total trade value of SAR 2.018 trillion ($537 billion) in 2024, with SAR 1.145 trillion in exports and SAR 873 billion in imports. In the services sector, trade reached SAR 542 billion, including SAR 182 billion in service exports.
Within Aseer, authorities recorded 24,000 consumer reports and 1,200 violations from April 2024 to April 2025, based on 35,000 inspections conducted by regulatory teams.
He outlined seven key reform pillars, including improving the legal framework, enhancing consumer protection, cracking down on price manipulation and fraud, modernizing both traditional and e-commerce environments, expanding international market access, supporting SMEs, and bolstering public-private partnerships. A total of 110 laws have been reviewed or updated as part of this effort.
Tourism as a growth engine
Tourism also features prominently in Aseer’s economic resurgence. Minister of Tourism Ahmed Al-Khateeb pointed to the region’s abundant natural and cultural resources and emphasized its critical role in achieving sustainable development.
According to Al-Khateeb, Aseer attracted 8 million visitors in 2024 from inside and outside the Kingdom, underscoring its rise as a key tourism destination. The region is expected to add 4,000 new hotel rooms in the coming years, supported by government tourism initiatives and increasing interest from global hospitality brands.
“The sector is experiencing continuous growth,” Al-Khateeb noted, adding that Aseer’s unique assets are helping drive the national tourism agenda forward.
Capital market expansion
Meanwhile, Mohammed Al-Kuwaiz, Chairman of the Capital Market Authority, highlighted the evolving role of Saudi Arabia’s capital markets from traditional investment platforms to vital sources of business funding.
He revealed that over SAR 7.5 billion ($2 billion) in capital market investments are already being channeled into Aseer. This includes established firms such as Southern Cement, as well as newer players in sectors, like poultry and healthcare.
“We’re now seeing the emergence of real estate and development funds in Aseer,” Al-Kuwaiz said, noting that approximately SAR 2 billion are currently managed through real estate funds supporting tourism and retail development in the region.
Engineer Hashim Al-Dabbagh, Acting CEO of the Aseer Development Authority, told Asharq Al-Awsat that investment is a central pillar of the region’s three-part development strategy that is focused on people, economy, and land.
He explained that the forum is an essential tool for attracting investments that create jobs and stimulate local economic growth, especially for the region’s youth.
“Aseer is not just investing in projects, it’s investing in its future,” Al-Dabbagh said.
