Saudi Arabia’s sovereign wealth fund, Public Investment Fund, has set up a new company to boost local and international investments in the kingdom’s Aseer region and help it become a global tourist destination.
As part of the initiative, Aseer Investment Company will launch new opportunities for local and international investors in tourism and hospitality, health and sports, education, food, and other sectors to develop the Aseer region and attract more tourists, state-run Saudi Press Agency reported on Friday.
The company will also forge new partnerships with the private sector and focus on creating job opportunities for the local community.
“Aseer Investment Company aims to become a leading investment company by creating wide and diversified investment opportunities … highlighting the region's nature and rich culture, preserving its ancient heritage and history, and transforming the region into a global tourist destination that attracts visitors from around the world, in line with the objectives of the Kingdom's Vision 2030,” Raid Ismail, head of direct investments for the Middle East and North Africa at PIF, said.
The new move comes as the Arab world’s largest economy continues to boost investments in a number of sectors to diversify its economy away from oil.
Earlier this week, Saudi Entertainment Ventures (Seven), a wholly owned unit of the PIF announced that it is planning to invest 50 billion Saudi riyals ($13.3 billion) to develop 21 integrated entertainment destinations in 14 cities across the kingdom.
The kingdom is also developing a $500 billion futuristic city named Neom, comprising a nature reserve, coral reefs and heritage sites on several islands along the Red Sea, Qiddiya, a huge entertainment and sports project in Riyadh as well as a mega-tourism project on Saudi Arabia’s west coast.
Saudi Arabia seeks to raise the economic contribution of the tourism sector from 3 per cent of the gross domestic product to 10 per cent by 2030.
PIF, which invests on behalf of the government in domestic and international markets, is mandated to pump $40 billion to $50 billion into the local economy to generate jobs and boost the non-oil economic base of the kingdom.
The fund, chaired by Prince Mohammed, has stakes in global companies including ride-hailing company Uber and is a cornerstone investor in SoftBank’s vision fund that invests in global technology companies. It currently has assets of $620 billion and plans to boost it to $2 trillion by 2030.
In October, the PIF said it plans to invest 90 billion riyals in the broader Middle East and North Africa region to expand its portfolio of assets and boost regional economies.
It is setting up five investment companies after the launch of the Saudi Egyptian Investment Company in August as part of the expansion plans.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
