• PIF company ASFAR will co-invest with the private sector to develop the 500,000 sqm project

Riyadh, KSA: Prince Saud bin Nayef bin Abdulaziz Al-Saud, Governor of Eastern Region, has witnessed the signing of a Memorandum of Understanding (MoU) between ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia, and the Municipality of Al-Ahsa. The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.

The signing ceremony, which was held at the Al-Ahsa Municipality headquarters, was attended by His Royal Highness Prince Saud bin Talal bin Badr, Governor of Al-Ahsa, HE Majed bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, Esam AlMulla, Mayor of Al-Ahsa Municipality, Dr Fahad Bin Mushayt, CEO of ASFAR, along with senior officials. 

The strategic partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors. Co-investing with the private sector, ASFAR will transform an area of 500,000sqm into a vibrant destination boasting unique tourism, entertainment and hospitality offerings.

Commenting on the agreement, Dr Fahad bin Mushayt, CEO of ASFAR, said: “This partnership underscores our commitment to sustainable development, economic growth, and the preservation of cultural heritage of cities across the Kingdom. We are pleased to sign this MoU with the Municipality of Al-Ahsa and eager to ignite the tourism potential of this remarkable region with an exciting multi-faceted project that will bring entertainment facilities, F&B, hospitality amenities and more to both the local community and visiting tourists.”

 Echoing this sentiment, Esam AlMulla, Mayor of Al-Ahsa Municipality, said: “Signing this MoU brings us a step closer to realizing the huge potential of Al-Ahsa, a governorate with great cultural and historical significance. We look forward to witnessing how this transformative project contributes to the prosperity and vitality of the Eastern Province and the Kingdom as a whole.”

Expanding on a series of previously signed MoUs with various municipalities, this agreement marks yet another noteworthy achievement in ASFAR's dedication to transforming burgeoning cities into highly desirable destinations throughout the Kingdom. It underscores the Saudi Tourism Investment Company's steadfast commitment to sustainable development and innovation in the tourism sector, aligning with the broader goal of welcoming 150 million domestic and international tourists annually by 2030 in support of the Kingdom's vision.

Al-Ahsa, located in the eastern region of Saudi Arabia, is home to one of nature's extraordinary wonders, the Al-Ahsa Oasis. Set amid the sands of the Empty Quarter, this lush green oasis spans over 20,000 hectares, making it the largest oasis in the world. Recognized by the Guinness Book of World Records, the oasis boasts numerous farms known for producing world-famous dates. Renowned as one of the Kingdom’s premier tourist destinations, Al-Ahsa is also home to several significant sites listed in the UNESCO World Heritage List, owing to its wealth of archeological landmarks and cultural treasures.

About ASFAR

ASFAR, the Saudi tourism investment company, wholly owned by the Kingdom’s sovereign Public Investment Fund, is strategically founded to play a pivotal role in shaping the tourism landscape in Saudi Arabia.

Through strategic & destination-focused investments, ASFAR is dedicated to driving the development of comprehensive tourism ecosystems across the Kingdom in partnership with public and private sectors to put Saudi promising cities on the tourism map.