ASFAR acquires a strategic 40% stake in HUSAAK

Riyadh, June 15, 2026: The Saudi Tourism Investment Company (ASFAR), wholly owned by the Public Investment Fund (PIF), announced the signing of an agreement to acquire a strategic 40% stake in HUSAAK, a company specializing in tourism activation and adventure experiences. This comes as part of ASFAR’s mandate to invest in sectors linked to the development of tourism experiences and the enhancement of destination readiness in promising cities, supporting the integration of the tourism ecosystem by connecting destination development with activation, operations, and distinctive experiences.

This agreement is an extension of ASFAR’s strategy, which is built around two complementary tracks: investing in the development of tourism destinations in promising cities and investing in strategic sectors that contribute to enhancing the readiness and attractiveness of these destinations. This, in turn, supports longer visitor stays, higher levels of tourism spending, and an improved overall tourism experience.

Under this partnership, Husaak will develop and operate experiences and activities linked to destinations in which ASFAR invests. The first phase of the collaboration will begin in Al Baha, where ASFAR is developing a mountain project that includes accommodation services, experiences, and distinctive activities that leverage the region’s natural assets. This will strengthen the integration of the tourism experience within the destination and increase its operational and tourism appeal.

Over the past years, HUSAAK has developed and operated a range of experiences and activities related to adventure tourism across the Kingdom and the wider GCC, contributing to the development of specialized in-house operational expertise in designing tourism experiences and activating destinations.

These capabilities align with ASFAR’s direction to invest in operational ecosystems and related distinctive experiences, enhancing the readiness of promising cities and their ability to deliver a more integrated and sustainable tourism experience.

The partnership also represents a step toward connecting and integrating Saudi destinations with experiences and activities across the region, while leveraging accumulated expertise to enhance the competitiveness of Saudi destinations and strengthen their presence within the regional tourism landscape.

Eng. Mishari bin Abdullah Al Nahari, CEO of the Saudi Tourism Investment Company (ASFAR) said: “This partnership comes as an extension of ASFAR’s mandate to build an integrated tourism ecosystem based on partnership with the private sector, whether through investments in destination development or strategic investments linked to enhancing destination readiness and improving the quality of the tourism experience.”

Ali Husain, CEO of HUSAAK, said: “Our partnership with ASFAR represents a pivotal step in HUSAAK’s journey, taking us from the stage of building experiences and destinations to developing integrated tourism ecosystems rooted in operational expertise and an institutional approach. Over the past 14 years, HUSAAK has accumulated extensive field knowledge and operational data drawn from the realities of the market and visitor behavior, enabling us to develop destinations and experiences that respond to genuine demand and the aspirations of local communities. HUSAAK doesn’t just bring its operational expertise to destinations; it also contributes a wide network of partners, clients, and the trust it has built over the years. We believe that combining their capabilities with our development and operational expertise will create a model capable of accelerating the growth of the tourism sector in the Kingdom and more sustainable and attractive destinations across the regions.”

This step comes at a time when the tourism sector is increasingly shifting toward building destinations based as much on the quality of the experience as on the quality of the assets, such as essential elements in creating destinations that are more sustainable, competitive, and capable of delivering long-term economic impact.

About ASFAR

Saudi Tourism Investment Company (ASFAR) is an investment company focused on developing tourism destinations across Saudi Arabia’s promising cities, unlocking their untapped potential and growth opportunities. ASFAR’s investment approach is built on partnerships with the private sector, which lies at the core of its investment model, enabling private investors to participate in destination development opportunities.

Visit Asfar.com

For ASFAR media inquiries contact: Info@asfar.com.sa

About HUSAAK

HUSAAK is an adventure and experiential tourism company operating across the Arabian peninsula, specializing in outdoor experiences, destination activation, and nature-led travel. Through curated trips, guided adventures, glamping stays, cultural experiences, and corporate activations, HUSAAK connects people to the region’s landscapes, stories, and communities in a meaningful and accessible way.

With experiences across destinations including Saudi Arabia, Oman and beyond, HUSAAK continues to play an active role in shaping adventure tourism in the region, supporting the growth of Saudi Arabia and the GCC as leading destinations for exploration, culture, and unforgettable travel.

For HUSAAK media inquiries contact: press@husaak.com