PIF-backed Baheej breaks ground on 80,000 sqm tourism project in Saudi's Yanbu city
Baheej Tourism Development Company, a joint venture between Saudi Tourism Investment Company (ASFAR), wholly owned by the Public Investment Fund (PIF) and Tamimi-AWN Alliance, has commenced construction on a multi-project tourism destination in the coastal city of Yanbu in western Saudi Arabia.
The 80,000 square meters (sqm) development will include four leisure assets: a beach escape, a marine visitor center, a lifestyle hotel, and an upcoming waterfront tourism destination.
Nora Al Tamimi, CEO of Baheej, said Yanbu's modern infrastructure and scenic coastal vistas position it as an exceptional gateway to the Red Sea Riviera.
The development will be executed in three phases, focusing on sustainability through renewable energy integration, water conservation systems, and community-driven initiatives.
The development aligns with Saudi Vision 2030, which aims to boost the Kingdom's tourism sector and promote economic growth.
No financial details were provided.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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