To aid in the expansion of the nation's tourist industry, the Saudi Public Investment Fund (PIF) announced on Thursday the founding of the Saudi Tourist Investment Company or Asfar.

According to the Saudi Press Agency, the company would invest in new tourism projects, create alluring locations around Saudi Arabia, as well as invest in the regional tourism value chain.

The recently founded Asfar is a part of the nation's initiatives to meet the national goal of bringing in 100 million tourists yearly by 2030.

According to Mishary Alibraheem, the head of MENA Investments' entertainment, leisure, and sports sector, Asfar will reactivate Saudi cities' support of the national economy.

The PIF is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of 700 billion U.S. dollars.