Saudi Arabia’s PIF launches its new ‘Aseer Investment Company’

By Shilpa Annie Joseph, Desk Reporter
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PIF launches Aseer Investment Company
Representational Image | Image Courtesy: Saudi PIF

Saudi Arabia’s Public Investment Fund (PIF) has established the Aseer Investment Company (AIC) in order to operate as its investment arm in the Aseer region of the kingdom.

PIF’s new investment arm will promote and stimulate local as well as foreign direct investment to develop and transform the region into a year-round tourism destination.

The establishment of the new company is in line with PIF’s strategy to unlock the capabilities of promising sectors in Saudi Arabia and support the country.

Raid Ismail
Raid Ismail
Head
Direct Investments – MENA
PIF

“Aseer Investment Company aims to become a leading facilitator of broad-ranging investment opportunities in Aseer. AIC will promote the region’s rugged mountains, stunning nature, and storied culture, preserve its ancient history and heritage, and transform it into a world-class tourist destination for visitors from across the globe in line with PIF’s strategy and Vision 2030.”

AIC will unlock a wide range of investment opportunities for domestic and international investors across a number of sectors including tourism, hospitality, healthcare, sports, education, food, and many other fast-growing domestic industries.

“Further, it will contribute to fostering public-private partnerships, creating jobs for the local community, and promoting the region’s tourism and attractive investment opportunities,” according to the statement.

In October, PIF launched two new companies, Regional Voluntary Carbon Market Company and Halal Products Development Company, in order to support the Saudi economy.

Regional Voluntary Carbon Market Company will offer guidance and resourcing to support businesses and industries in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains.

The Halal Products Development Company aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals.

Related: PIF-owned Badeel & ACWA Power to develop mega solar power project in Saudi


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