Asfar expands Saudi tourism with hotel and entertainment projects
The company's first developments in Al Bahah and Yanbu are set to open by year-end, adding 2,000 rooms in cities that are actively seeking visitors
Sun rises over the mountains around Yanbu, Saudi Arabia (Getty Images)
Saudi tourism startup Asfar is launching hotel and entertainment projects in Tier 2 cities to support the kingdom’s goal of becoming a top global destination.
Backed by Saudi Arabia’s Public Investment Fund, Asfar aims to extend tourist stays beyond major cities, CEO Fahad Bin Mushayt told Bloomberg.
The company’s first developments in Al Bahah and Yanbu are set to open by year-end, adding 2,000 hotel keys.
Bin Mushayt said that each of Asfar’s projects cost anywhere from $40 million to $107 million, with at least 30% of funding coming from the private sector.