Fahad bin Mushayt joined ASFAR as its CEO in May 2022. ASFAR is wholly owned by Saudi’s Public Investment Fund and was officially launched in July 2023. In April 2024, Baheej, a joint venture between ASFAR and the Tamimi-AWN, partnered with the Royal Commission for Yanbu to develop four key projects in the city. Baheej also signed a strategic agreement with Kerten Hospitality to manage its hotel in Yanbu under the Cloud 7 brand. Fahad bin Mushayt was previously the CEO of the Diplomatic Quarter General Authority and the deputy governor for investments and business development for the State Properties General Authority in Riyadh.