Latest news with #AseerDevelopmentAuthority
Asharq Al-Awsat
28-05-2025
- Business
- Asharq Al-Awsat
Multi-Billion-Riyal Investments Position Aseer as a Rising Economic Power in Saudi Arabia
Southern Saudi Arabia's Aseer region is fast emerging as a new economic powerhouse, fueled by multi-billion-riyal investments across diverse sectors. This transformation is part of a broader government push to unlock the region's economic potential and establish it as a key private sector enabler. The second edition of the Aseer Investment Forum, which opened Tuesday, is expected to draw over SAR 4 billion ($1.06 billion) in new investments. This comes on top of more than SAR 5 billion ($1.33 billion) already secured since the launch of the region's development strategy. Additionally, SAR 25 billion ($6.6 billion) have been committed to strategic government-led projects already underway on the ground. Launched in 2021 by Prince Mohammed bin Salman, Crown Prince and Prime Minister, the Aseer Development Strategy, titled 'Qimam wa Sheym' (Summits and Values), aims to inject SAR 50 billion into a wide range of projects. The initiatives focus on vital infrastructure, tourism development on Aseer's majestic peaks, and long-term growth that merges cultural heritage with modernity. The ultimate goal is to make Aseer a year-round global tourist destination and a catalyst for economic and social development. The investment forum, organized by the Aseer Development Authority, brings together 1,500 key stakeholders, including policymakers, investors, and sector leaders. It aims to accelerate public-private collaboration, foster a competitive investment environment, and support Saudi Arabia's Vision 2030 goals. Officials are seen at the forum on Tuesday. (Asharq Al-Awsat) Strategic partners In his opening remarks, Prince Turki bin Talal, Governor of Aseer and Chairman of the Aseer Development Authority, highlighted the SAR 25 billion already committed to essential infrastructure and development projects. These efforts are backed by strategic partners, such as the Public Investment Fund (PIF), Tourism Development Fund, Social Development Bank, and other financing entities. 'This forum is not merely an economic gathering; it is a strategic milestone,' said Prince Turki. 'It confirms Aseer's transformation into a comprehensive development hub and a vital pillar of the national economy.' Business growth on the rise Participating virtually, Minister of Commerce Dr. Majid Al-Qasabi revealed that Saudi Arabia had registered 1.7 million commercial licenses as of April 2025, 90,000 of which are based in Aseer, representing 5.3% of the national total. He noted that commercial registrations for sole proprietorships have risen by 32%, from 939,000 in 2018 to 1.2 million in 2025. Limited liability company registrations surged 138%, while joint-stock company registrations grew 76% during the same period. Al-Qasabi also highlighted a total trade value of SAR 2.018 trillion ($537 billion) in 2024, with SAR 1.145 trillion in exports and SAR 873 billion in imports. In the services sector, trade reached SAR 542 billion, including SAR 182 billion in service exports. Within Aseer, authorities recorded 24,000 consumer reports and 1,200 violations from April 2024 to April 2025, based on 35,000 inspections conducted by regulatory teams. He outlined seven key reform pillars, including improving the legal framework, enhancing consumer protection, cracking down on price manipulation and fraud, modernizing both traditional and e-commerce environments, expanding international market access, supporting SMEs, and bolstering public-private partnerships. A total of 110 laws have been reviewed or updated as part of this effort. Minister of Tourism Ahmed Al-Khateeb speaks at the forum. (Asharq Al-Awsat Tourism as a growth engine Tourism also features prominently in Aseer's economic resurgence. Minister of Tourism Ahmed Al-Khateeb pointed to the region's abundant natural and cultural resources and emphasized its critical role in achieving sustainable development. According to Al-Khateeb, Aseer attracted 8 million visitors in 2024 from inside and outside the Kingdom, underscoring its rise as a key tourism destination. The region is expected to add 4,000 new hotel rooms in the coming years, supported by government tourism initiatives and increasing interest from global hospitality brands. 'The sector is experiencing continuous growth,' Al-Khateeb noted, adding that Aseer's unique assets are helping drive the national tourism agenda forward. Capital market expansion Meanwhile, Mohammed Al-Kuwaiz, Chairman of the Capital Market Authority, highlighted the evolving role of Saudi Arabia's capital markets from traditional investment platforms to vital sources of business funding. He revealed that over SAR 7.5 billion ($2 billion) in capital market investments are already being channeled into Aseer. This includes established firms such as Southern Cement, as well as newer players in sectors, like poultry and healthcare. 'We're now seeing the emergence of real estate and development funds in Aseer,' Al-Kuwaiz said, noting that approximately SAR 2 billion are currently managed through real estate funds supporting tourism and retail development in the region. Engineer Hashim Al-Dabbagh, Acting CEO of the Aseer Development Authority, told Asharq Al-Awsat that investment is a central pillar of the region's three-part development strategy that is focused on people, economy, and land. He explained that the forum is an essential tool for attracting investments that create jobs and stimulate local economic growth, especially for the region's youth. 'Aseer is not just investing in projects, it's investing in its future,' Al-Dabbagh said.
Leaders
24-05-2025
- Business
- Leaders
Wrth Fosters Saudi Crafts Sector with Aseer Authority
The Royal Institute of Traditional Arts (Wrth) signed an agreement on Thursday with the Aseer Development Authority in Riyadh to support traditional arts, according to the Saudi Press Agency. The partnership seeks to elevate artisans' skills and empower crafts sector in line with the Year of Handicrafts 2025. By cooperating with specialized partners such as Wrth, the agreement aims at launching educational and training programs that contribute to preserving the authenticity of Saudi crafts. As part of Aseer Development Authority, the deal will play a pivotal role in achieving comprehensive development based on both authenticity and nature. Wrth Fosters Saudi Crafts Sector with Aseer Authority Both entities will collaborate in launching initiatives and projects, boosting professional empowerment and entrepreneurship, and developing craft products. Meanwhile, they will organize local and international events, exhibitions, and seminars to foster the presence of traditional arts in the cultural and tourism scenes. As a prestigious destination depicting Saudi national identity, Wrth seeks to showcase Saudi traditional arts at both local and global stages. The institute also preserves craft heritage and supports national talents through several initiatives and exhibitions. Related Topics: Wrth Collaborate with Namaa Almunawara to Support Traditional Arts Vintage Classic Cars Capture Eyes at Handicrafts Festival in Hail Saudi Culture Ministry Launches Crafts Hackathon As Part of Year of Handicrafts Short link : Post Views: 11 Related Stories
Leaders
01-05-2025
- Business
- Leaders
Saudia, Aseer Development Authority Cooperate on Boosting Tourism
Saudia Airlines has signed an agreement with the Aseer Development Authority to boost tourism in Aseer Region, according to the Saudi Press Agency. Signed at the Arabian Travel Market 2025, the strategic partnership strengthens Aseer's position as a distinctive destination for tourists worldwide. Based on the agreement, Saudia will launch seasonal campaigns during spring, summer, and winter to increase visitor numbers and bookings to Aseer Region. Importantly, the deal fosters Saudia's dedication to supporting Saudi local economy and fulfilling the Kingdom's National Transport and Logistics Strategy. In line with the Saudi Vision 2030, this strategy seeks to attract 330 million annual visitors by 2030. By showcasing the unique cultural and heritage attractions of the Aseer region, the new collaboration will connect international visitors with various destinations across the Kingdom. 'This strategic partnership with Saudia represents a qualitative leap in our efforts to develop Aseer as a global tourist destination,' said Acting CEO of the Aseer Development Authority Hashem Al-Dabbagh. Al-Dabbagh also noted that the agreement supports economic development and promotes access to the region in line with the objectives of Saudi Vision 2030. 'We are pleased to partner with the authority, leveraging from our global network to highlight the natural beauty and vibrant culture of Aseer Region and integrating these offerings into our strategy,' Chief Commercial Officer of Saudia Arved von zur Mühlen said. Related Topics: British Consul General Explores Economic, Tourism Partnerships in Aseer Aseer Region: A Breathtaking Summer Experience in Southwest Saudi Arabia An Old Saudi Citizen Plays Paragliding from Aseer Highest Short link : Post Views: 6
Asharq Al-Awsat
01-05-2025
- Business
- Asharq Al-Awsat
Saudia Signs Deal to Boost Tourism in Saudi Arabia's Aseer Region
Saudia Airlines and the Aseer Development Authority have signed an agreement to promote tourism in Aseer Region, a prominent destination in Saudi Arabia. The memorandum of understanding was signed during the Arabian Travel Market 2025 event. Under the strategic partnership, Saudia will develop seasonal campaigns targeting spring, summer, and winter travel to increase visitor numbers and bookings to Aseer Region. The airline stated the partnership supports its commitment to local economic growth and aligns with Saudi Arabia's National Transport and Logistics Strategy. This strategy is part of Saudi Vision 2030 plan, which aims for 330 million annual visitors to the Kingdom by 2030. Saudia aims to connect international visitors with the Kingdom, highlighting Aseer's cultural and heritage sites. "This strategic partnership with Saudia represents a qualitative leap in our efforts to develop Aseer as a global tourist destination," said Acting CEO of the Aseer Development Authority Hashem Al-Dabbagh. He added that it "supports economic development and enhances access to the region in line with the goals of Saudi Vision 2030." "We are pleased to partner with the authority, utilizing our global network to highlight the natural beauty and vibrant culture of Aseer Region and integrating these offerings into our strategy,' said Chief Commercial Officer of Saudia Arved von zur Muehlen.
Zawya
01-05-2025
- Business
- Zawya
Saudia signs deal to boost tourism in Aseer region
Abha - Saudia Airlines and the Aseer Development Authority have signed an agreement to promote tourism in Aseer Region, a prominent destination in Saudi Arabia. The memorandum of understanding was signed during the Arabian Travel Market 2025 event. Under the strategic partnership, Saudia will develop seasonal campaigns targeting spring, summer, and winter travel to increase visitor numbers and bookings to Aseer Region. The airline stated the partnership supports its commitment to local economic growth and aligns with Saudi Arabia's National Transport and Logistics Strategy. This strategy is part of Saudi Vision 2030 plan, which aims for 330 million annual visitors to the Kingdom by 2030. Saudia aims to connect international visitors with the Kingdom, highlighting Aseer's cultural and heritage sites. "This strategic partnership with Saudia represents a qualitative leap in our efforts to develop Aseer as a global tourist destination," said Acting CEO of the Aseer Development Authority Hashem Al-Dabbagh. He added that it "supports economic development and enhances access to the region in line with the goals of Saudi Vision 2030." Chief Commercial Officer of Saudia Arved von zur Mühlen said, "We are pleased to partner with the authority, utilizing our global network to highlight the natural beauty and vibrant culture of Aseer Region and integrating these offerings into our strategy."
