Baheej to invest SAR 350M in next 2 years

Board member of Baheej Tourism Development Co., Abdulrahman AlBassam

Baheej Tourism Development Co., a diversified asset development and destination management firm in Saudi Arabia, will invest around SAR 350 million in Yanbu over the next two years, according to board member Abdulrahman AlBassam.

Speaking to Argaam on the sidelines of the Future Hospitality Summit, AlBassam said that the company is working on preparing several investment packages for potential partners and aims to sign sponsorship partnerships.

For more exclusive interviews 

The Yanbu project comprises four investments, specifically in partnership with the Royal Commission for Jubail and Yanbu (RCJY), over a combined area exceeding 80,000 square meters, AlBassam said. He added that three investments were announced, including a lifestyle hotel, in addition to Kerten Hospitality’ and Cloud 7, consisting of 113 boutique rooms.

Baheej aims to develop cities as tourist destinations in Saudi Arabia, and aspires to be a strategic partner for the vision system in general and achieve its goals in particular, especially in the tourism sector, AlBassam said.

He indicated that tourism is the new promising sector in the Kingdom. Baheej focuses on non-major cities that are considered unexploited jewels.

Baheej was founded by the Saudi Tourism Investment Co. (ASFAR) and is wholly owned by the Public Investment Fund (PIF), AWN Enterprises, and Tamimi Group.