Riyadh: ASFAR, the Saudi tourism investment company, today announced the signing of a strategic Memorandum of Understanding (MoU) with Minor Hotels, during the Future Hospitality Summit (FHS) in Saudi Arabia. This milestone builds on ASFAR’s growing portfolio of hospitality investments and reinforces its commitment to shaping vibrant tourism destinations across the Kingdom. The signing ceremony was presided over by CEO of ASFAR Dr. Fahad bin Mushayt and Senior Vice President of Minor Hotels Middle East and Africa Amir Golbarg.

According to Saudi Press Agency, Dr. Mushayt said: “This agreement with Minor Hotels is a strategic leap forward in our mission to unlock the full tourism potential of Saudi Arabia. By bringing globally respected hospitality brands into promising destinations, we’re not only enriching our investment portfolio – we’re also introducing unique guest experiences that blend the warmth of Thai hospitality with the depth and authenticity of Saudi culture. Together, we are shaping destinations that deliver on the promise of Vision 2030 and leave a lasting impact on communities, visitors, and the tourism landscape at large.”

The release added that this MoU emphasizes a shared commitment to local content and community empowerment, with plans to integrate locally inspired designs, products, and experiences throughout the properties. This approach ensures that each destination will offer authentic experiences while creating sustainable economic opportunities for local communities.

In alignment with Vision 2030’s goals of economic diversification and sustainable tourism transformation, ASFAR and Minor Hotels will work together to establish hospitality offerings that enhance Saudi Arabia’s appeal as a global tourism destination while preserving the unique character of each region. The agreement will focus on developing lifestyle-oriented properties that cater to evolving traveler preferences, with several projects planned across the Kingdom’s most promising tourism destinations.