Riyadh, November 13, 2024 – ASFAR, the Saudi Tourism Investment Company fully owned by the Public Investment Fund (PIF), has entered into a strategic partnership with the Ministry of Municipalities and Housing. The two entities signed a memorandum of understanding (MoU) at the Cityscape Global 2024 Exhibition in Riyadh, marking a major step toward transforming underutilized public spaces across the Kingdom into vibrant destinations for entertainment, cultural enrichment, and sports. This initiative aims to advance Saudi Arabia’s tourism sector, fostering a more dynamic, accessible, and engaging environment for both residents and visitors.
The MoU outlines a comprehensive plan to breathe new life into unused public spaces by developing parks, cultural hubs, and recreational areas in urban and rural regions. Assistant Deputy Minister for Investment Promotion and Revenue Generation, Eng. Abdulmajeed Alaskar, highlighted that the partnership will open numerous investment avenues for the private sector, positioning public spaces as centers for innovation and social engagement. Alaskar underscored that this initiative not only provides promising business opportunities but also aligns with Saudi Arabia’s Vision 2030 objectives by creating spaces that support sustainable urban growth and enhance the overall quality of life.
Through this collaboration, ASFAR and the Ministry of Municipalities and Housing will contribute to the Kingdom’s Vision 2030 goals by enhancing green spaces and recreational areas, thereby supporting environmental sustainability and community well-being. The development of these areas is intended to foster a sense of community, encourage outdoor activities, and create culturally rich venues that appeal to a diverse range of interests. By focusing on sustainable design and community-centered spaces, this partnership also reflects Saudi Arabia’s commitment to achieving a balanced, inclusive approach to urban development.
ASFAR’s collaboration with the Ministry marks a forward-thinking effort to transform Saudi Arabia’s landscape, not only making it a leading tourism destination but also enriching the living experience within the Kingdom. As Saudi Arabia continues to drive its tourism and urban development agenda, such initiatives underscore the country’s dedication to creating lasting economic, social, and environmental benefits for future generations.