Asfar, the Saudi tourism investment company and a subsidiary of the Public Investment Fund (PIF), has signed a significant partnership with Al-Ajmi Holding during the PIF and Private Sector Forum, aiming to launch the first-of-its-kind urban resort in Hail.
This milestone reinforces Hail’s position as a leading investment destination for tourism and hospitality in the region.
The signing ceremony was attended by Dr. Fahd bin Meshaite, CEO of Asfar, and Salem Al-Ajmi, CEO of the Construction Industries Sector at Al-Ajmi Holding.
Their shared vision and commitment to fostering transformation will elevate the tourism and hospitality landscape in Hail while setting new benchmarks for excellence in urban destination design.
A Unique Urban Resort in Hail
The new urban resort will span 50,000 square meters and feature approximately 150 hotel rooms, blending breathtaking views of the city, mountains, and sand dunes.
The project aims to meet the evolving needs of both visitors and residents by offering a vibrant bazaar, diverse restaurants, and cafés.
Dr. Fahd bin Meshaite, CEO of Asfar, commented on the partnership:
“We recognize the importance of partnerships and private sector collaborations in achieving our vision of creating exceptional destinations that enrich Saudi Arabia’s tourism infrastructure, diversify the economy, and enhance the quality of life in the region.
Hail is one of our most promising destinations, boasting significant tourism potential due to its strategic location, rich heritage, and stunning landscapes. Through this collaboration, we aim to enhance Hail’s tourism offerings and contribute to Saudi Arabia’s broader goals of economic diversification and long-term prosperity.”
Salem Al-Ajmi, CEO of Al-Ajmi Holding, stated:
“We are delighted to collaborate with Asfar on this transformative project in Hail. This partnership marks a key milestone in our efforts to achieve our shared strategic vision.
With our expertise and capabilities, we are confident in bringing this unique urban destination to life. Our commitment to supporting Saudi Arabia’s growth aligns perfectly with Asfar’s ambitions for sustainable development and positive transformation.”
Commitment to Vision 2030
Asfar continues to drive the transformation of Saudi Arabia’s cities into world-class destinations, in collaboration with the private sector.
Through joint investments in hospitality, entertainment, and retail, Asfar is committed to delivering unparalleled experiences, enhancing quality of life, and supporting the ambitious goals of Saudi Vision 2030.
This partnership underscores the commitment of Asfar and Al-Ajmi Holding to developing Saudi Arabia’s tourism sector and turning promising cities into global destinations.
The companies aim to achieve Vision 2030’s goals by diversifying the economy, improving quality of life, and offering exceptional experiences in hospitality, entertainment, and retail, thereby fostering local community prosperity and solidifying the Kingdom’s position as a global tourism hub.
About Asfar, the Saudi Tourism Investment Company
Asfar is a PIF-owned tourism investment company, leading the transformation of Saudi Arabia’s tourism sector through strategic partnerships with the private sector.
The company invests across various segments of the tourism value chain, supporting Saudi Arabia’s vision of becoming a global tourism hub.
Through equitable partnerships, Asfar creates added value investments, empowers local communities, and enriches lives by unlocking the full potential of the tourism sector.
The company develops vibrant tourism destinations, even beyond major metropolitan areas, while enhancing quality of life, preserving cultural heritage, and driving sustainable economic growth in line with Vision 2030.
About Al-Ajmi Holding
Founded in 1976 and headquartered in Dammam, Saudi Arabia, Al-Ajmi Holding is one of the Kingdom’s leading private companies, with diverse investment expertise spanning five key sectors:
Construction
Electrical Industries
Construction Materials
Investment
Services
With over 7,000 employees, Al-Ajmi Holding has established itself as a key player in the regional economy.
Through its diversified growth strategy, the company continues to contribute significantly to Saudi Arabia’s development and progress, reinforcing its commitment to innovation, excellence, and sustainable growth.
