Tourism

In a landmark move aimed at redefining tourism in the Kingdom, ASFAR, the Saudi tourism investment company and a wholly owned subsidiary of the Public Investment Fund (PIF), signed a Memorandum of Understanding (MoU) with Minor Hotels, a global hospitality leader with a strong presence across Asia, the Middle East, and Europe. The signing took place during the Future Hospitality Summit (FHS) in Saudi Arabia.

The strategic alliance seeks to blend Thai hospitality excellence with authentic Saudi cultural experiences, creating lifestyle-driven hospitality destinations that align with Saudi Arabia’s Vision 2030 goals of economic diversification, sustainability, and community empowerment.

Enhancing Saudi Arabia’s Global Tourism Appeal

The agreement was signed by Dr. Fahad Bin Mushayt, CEO of ASFAR, and Amir Golbarg, Senior Vice President for Minor Hotels Middle East & Africa. The collaboration sets the stage for introducing Minor Hotels’ internationally acclaimed brands to key high-potential destinations across Saudi Arabia, with a focus on delivering experiences that are both globally competitive and deeply rooted in local culture.

Dr. Fahad Bin Mushayt commented:

“This agreement with Minor Hotels is a strategic leap forward in our mission to unlock the full tourism potential of Saudi Arabia. By combining world-class hospitality with Saudi heritage, we are creating destinations that support Vision 2030 while delivering lasting social and economic value.”

Immersive, Sustainable Hospitality Experiences

With over 50 years of hospitality expertise, Minor Hotels will bring its signature service style to Saudi Arabia, crafting immersive, culturally rich guest journeys. The collaboration emphasizes:

• Locally inspired architecture and design

• Integration of Saudi products and traditions

• Sustainable economic opportunities for communities

Amir Golbarg of Minor Hotels added:

“Saudi Arabia is fast becoming a top-tier tourism destination, and we are honored to support its transformation. This partnership enables us to create unique properties that respect local traditions while appealing to the expectations of global travelers.”

Vision 2030 Alignment and Future Projects

The MoU supports Vision 2030’s core pillars by:

• Stimulating economic diversification through tourism

• Empowering local communities

• Enhancing the Kingdom’s tourism competitiveness

ASFAR and Minor Hotels plan to jointly develop lifestyle-oriented properties across some of the Kingdom’s most promising tourism hubs, ensuring that each destination is both economically viable and culturally authentic.

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