Riyadh – Sharikat Mubasher: The Saudi Tourism Investment Company (ASFAR), a wholly owned subsidiary of the Public Investment Fund (PIF), announced it has acquired a strategic 40% stake in HUSAAK, a company specializing in adventure tourism and destination experiences.

Under the agreement, HUSAAK will develop and operate tourism experiences and activities across destinations in which ASFAR invests, according to a recent press release. The partnership will initially focus on Al Baha, where ASFAR is developing a mountain tourism project featuring accommodation, experiences, and outdoor activities designed around the region’s natural landscape.

The move is intended to strengthen destination readiness and enhance visitor experiences as Saudi Arabia continues to expand its tourism offering. HUSAAK has built expertise in designing and operating adventure tourism activities across Saudi Arabia and the wider GCC, positioning it to support the activation of emerging tourism destinations.

Commenting on this, Mishari Al Nahari, ASFAR CEO, said the investment aligns with the company's mandate to build an integrated tourism ecosystem through partnerships with the private sector and strategic investments that improve destination quality and visitor experiences.

Meanwhile, Ali Husain, HUSAAK CEO, described the partnership as a significant milestone for the company, enabling it to move beyond creating individual experiences toward helping develop integrated tourism ecosystems across the Kingdom.