With the signing of numerous and diverse agreements, Aseer Investment Forum its proceedings by launching a package of tourism projects that represent a major qualitative leap in the level of tourism services the region will witness during the coming year 2023 and the years that follow, During the forum’s sessions, Minister of Tourism Ahmed Al-Khatib highlighted the region’s importance within the Kingdom’s national tourism strategy and its potential to become a major destination for local and international tourists
25 investment opportunities were presented
For its part, the the Asir Region Secretariat 25 investment opportunities via the “Furs” platform, coinciding with the launch of the Asir Investment Forum, The Saudi Authority for Industrial Cities and Technology Zones (MODON) also highlighted the role of the second industrial city in Asir—currently under development on a 19-million-square-meter site—in supporting investment opportunities, as it is considered one of the new key drivers of development in the Asir region. The Abha Chamber of Commerce and Industry participated in the forum with a booth where it introduced its services to private-sector businesspeople through the modern e-service it has launched.
250 hotel rooms and suites
The forum, held at King Khalid University, witnessed the signing of investment and financing agreements between government and private entities in various vital sectors, most notably a partnership agreement between the Tourism Development Fund, and Red Sea Markets Limited, to build a luxury hotel with a capacity of 150 hotel rooms and 100 hotel apartments, in addition to a shopping center, recreational facilities, and an area for restaurants and cafes, all on a land area of more than 75,000 square meters. Hilton was selected to bring two of its leading brands to the project: Hilton and Canopy by Hilton, The Tourism Development Fund’s contribution to the project is 150 million riyals, out of a total project cost exceeding 950 million riyals.
Hotel and Tourist Resort in Asir
The Tourism Development Fund also announced the signing of a financing agreement with the Namaa Business Foundation for Tourist Accommodations to establish a five-star hotel project managed by the IHG Group under the ”InterContinental.” The project includes 163 hotel units comprising 120 rooms and 43 villas, and covers an area of over 18,000 square meters in Al-Far’a, in the Asir region, one of the targeted tourist destinations.
The Fund also signed a memorandum of understanding with a hotel company to collaborate on the development of the “Ruh Cloud Seven” in the Al-Ghaliz villages in Abha, covering an area of 60,000 square meters. The project offers a sustainable tourism experience that showcases the charm of Abha’s breathtaking natural beauty.
8 million travelers by 2030
Government and private entities participated in the forum with exhibition booths showcasing their most prominent projects, which will contribute to improving the region’s infrastructure efficiency, making it a destination for investment across all sectors, particularly tourism. Among the most notable is “Airports Holding,” which introduced the new Abha International Airport, set to serve nearly 8 million passengers by 2030 through 99,000 annual flights, compared to the current 35,000.
The Ministry of Tourism participated in the forum in its capacity as the entity responsible for developing tourism across all regions of the Kingdom, highlighting the promising potential of the Asir region and introducing investors to available tourism opportunities.
