Riyadh, April 30, 2024, ASFAR, Saudi Arabia's tourism investment company wholly owned by the Public Investment Fund, made headlines yesterday with the announcement of investment agreements signed between Baheej, a joint venture between ASFAR and the Tamimi-AWN Alliance, and the Royal Commission for Yanbu. These agreements are set to revolutionize Yanbu into a top-tier tourist destination through the introduction of four innovative projects along the waterfront.
This strategic partnership was officially unveiled during a signing ceremony at the 2024 Future Hospitality Summit (FHS) in Saudi Arabia, attended by key figures including Eng. Khalid bin Mohammed Al-Salem, President of the Royal Commission for Jubail & Yanbu; Eng. Abdulhadi Al-Juhani, CEO of the Royal Commission for Yanbu; Dr. Fahad Bin Mushayt, CEO of ASFAR; and Norah Al-Tamimi, CEO of Baheej.
The ambitious plans overseen by Baheej aim to develop, manage, and successfully implement transformative projects, including restaurants and beachfront facilities, a luxurious resort, a premium hotel, a visitor services center with a diving academy, and a marina.
Eng. Al-Juhani expressed the significance of this collaboration in enhancing Yanbu's tourism industry, emphasizing the partnership's potential to elevate offerings not only in Yanbu but also nationwide, particularly in the Red Sea region. Dr. Mushayt echoed this sentiment, highlighting the project's goal to set new standards in hospitality and entertainment services along the Red Sea.
Al-Tamimi shared her enthusiasm for leading the development of these projects, envisioning Yanbu's industrial coastline evolving into an enticing tourist hotspot. She emphasized the partnership's alignment with Vision 2030's objectives, contributing to economic diversification and strengthening Saudi Arabia's position in global tourism.
The alliance between ASFAR, the Royal Commission for Yanbu, and Baheej is a testament to Saudi Arabia's commitment to realizing Vision 2030's tourism targets, including welcoming 150 million visitors by 2030. This collaboration underscores the Kingdom's dedication to sustainable development and innovation within the tourism sector, positioning Yanbu as a beacon for tourism growth and transformation.
