Saudi Arabia's PIF sets up tourism investment firm

Saudi Arabia's sovereign Public Investment Fund (PIF) said on Thursday it set up Asfar, a tourism investment company that will focus on investing in projects in the sector, including alongside the private sector.

Saudi Arabia aims to attract 100 million domestic and international visitors per year by 2030, part of an overhaul of the economy to cut reliance on oil.

Asfar will offer the private sector opportunities to co-invest in the kingdom's tourism sector, PIF said, adding it would help support local suppliers, contractors, and small and medium-sized enterprises (SMEs).