Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund) has announced the launch of its new investment unit in the kingdom’s Aseer region.

The key entity, Aseer Investment Company, will operate and stimulate direct local and international investments into the Aseer region in bid to turn it into a global tourist destination which will attract visitors throughout the year.

It will work to launch various opportunities for local and international investors in many sectors such as tourism and hospitality, health and sports, education, food, and other promising sectors, in a way that contributes to fostering partnerships with the private sector.

It will help create job opportunities for the local community in Aseer, in addition to highlighting the tourism system and investment opportunities.

On the new entity, Raid Ismail, the head of Direct Investments for the Middle East and North Africa (Mena) at PIF, said: “It aims to become a leading investment company by creating wide and diversified investment opportunities in the region, highlighting the region’s nature and rich culture, preserving its ancient heritage and history.”

“The aim is to transform the region into a global tourist destination that attract visitors from around the world, in line with the objectives of the Kingdom’s Vision 2030,” he added.