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Spearheaded by ASFAR: Baheej signs Investment Agreements with the Royal Commission for Yanbu at FHS
08.05.2024 - 08:11 / breakingtravelnews.com
ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia, has announced today the signing of investment agreements between Baheej, a joint venture between ASFAR and the Tamimi-AWN Alliance, and the Royal Commission for Yanbu. These agreements are aimed at transforming the city of Yanbu into a premier tourist destination by introducing four innovative projects along the waterfront.
This strategic partnership was officially unveiled at a signing ceremony on the sidelines of the 2024 Future Hospitality Summit (FHS) in Saudi Arabia. The signing was attended by H.E. 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 plans will be overseen by Baheej Tourism Development Company, a joint venture between ASFAR, the Saudi tourism investment company owned by PIF, and the Tamimi-AWN Alliance, whose primary objective is to develop, manage and ensure the successful implementation of these promising projects, encompassing restaurants and beachfront facilities, a luxurious resort, a premium hotel, as well as a visitor services center featuring a diving academy and a marina.
Commenting on the alliance, Eng. Abdulhadi Al-Juhani, CEO of the Royal Commission for Yanbu, said: “The collaboration we have entered into underscores the importance of partnering with the private sector to bolster the tourism industry. We are very pleased to be part of this strategic alliance which is poised to significantly enhance the growth and development of Yanbu’s tourism sector. This partnership will not only elevate tourism offerings and facilities in Yanbu, but also contribute to the overall progress and diversification of tourism opportunities nationwide, particularly in the Red Sea region.”
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From his end, Dr. Fahad Bin Mushayt, CEO of ASFAR, stated: “We are excited to kickstart this partnership with the goal of launching and implementing unique projects in this strategically important area along the Red Sea. These endeavors will raise the standards of hospitality and entertainment services in the region, providing exceptional accommodation, amenities, and world-class entertainment offerings. We are proud to entrust this project to our subsidiary, Baheej, which will strive to develop groundbreaking concepts that meet international tourism benchmarks.”
“The collaboration with the Royal Commission for Yanbu and Baheej serves to strengthen the cooperation and integration between the entities, paving the way for the expansion and enhancement of various tourist facilities. Yanbu Governorate stands out as
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