The Tunisian strike on Brotherhood    Kuwaiti Cabinet recalls key Saudi role in country's liberation in 1991    Canada fines two travelers nearly $20,000 over false coronavirus information    US expands eligibility for Afghan refugee resettlement    Qualifying rounds for Women's Volleyball tournament to kick off on Thursday    Month-long international auction for falcon breeders to begin on Aug. 5 Saudi Arabia is hosting global falconry event for the first time    King, Crown Prince congratulate Niger president on Independence Day    Aramco denies reports it will embark on Bitcoin mining    Grand Mosque being sterilized round the clock to receive Umrah performers    Saudi Space Commission strengthens partnership with Airbus and group of European space companies    TRSDC signs contract with KACST to provide satellite data of development sites    Italy's Lamont Marcell Jacobs claims surprise 100m gold    CMA chairman to review market trends tomorrow    Olympic athletes describe the power of sport to change the world    Discover a different world    Qatar wins first Olympic gold    National Gallery of Australia to return $2.2m of 'stolen' artworks to India    Progress on tobacco fight, but new nicotine products pose increasing threat    KAMC in Makkah performs 6th artificial heart transplant surgery    Clubhouse says no data breach after reports of 3.8bn phone numbers of users being sold    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Yusuf Khan is dead, long live Dilip Kumar    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    Bollywood star Aamir and wife Kiran separate after 15 years    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Arabia launches $4bn Tourism Development Fund
Published in The Saudi Gazette on 21 - 06 - 2020

RIYADH — Saudi Arabia on Sunday announced the formation of a Tourism Development Fund to boost growth across the sector.
The fund will launch a range of equity and debt investment vehicles, with an initial $4 billion (SR15 billion) capital and $45 billion (SR165 billion) in memoranda of understanding already signed with private banks, the ministry of tourism said.
The Tourism Development Fund, which has been approved by the Council of Ministers, will collaborate with private and investment banks to support private-sector developments and incentivize further investment across the industry.
"The Tourism Development Fund will play a critical role in developing outstanding tourism experiences and unlocking the full potential of Saudi Arabia as a destination," said Ahmed Al-Khateeb, Minister of Tourism.
"The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia. The social and economic importance of the sector cannot be understated: it drives growth and diversification, attracts international investment, creates job opportunities and enhances quality of life for millions of Saudis."
The National Development Fund, chaired by Crown Prince Muhammad Bin Salman, has approved the appointment of five board members, who will bring a wealth of experience and investment expertise to the Tourism Development Fund. Board members are: Princess Haifa Mohammed Al-Saud, vice minister of strategy and investment at the Ministry of Tourism; Ihsan Bafakih, governor of the Real Estate General Authority; Stephen Groff, governor of the National Development Fund; Mohammed Omran AlOmran, member of the Board of Directors at Saudi British Bank; and Mohammed Al-Hokal, member of the Board of Directors at the National Commercial Bank (NCB).
The Tourism Development Fund's launch is part of the first phase of the National Tourism Strategy, which focuses on developing and enhancing 38 sites across seven destinations by 2022.
Funding will be deployed to support mixed-use destinations, to address gaps in the tourism value chain, and to enable technologically-enhanced tourism. Projects supported by the fund will include flagship mixed-use and hospitality developments by leading international operators and investors with the aim of enhancing Saudi Arabia's tourism offering, supporting growth across domestic and international tourism, attracting foreign direct investment and driving job creation.
Following the opening of Saudi Arabia to international tourism in 2019, tourism has become one of the country's highest growth potential sectors. It is expected to contribute more than 10% of annual GDP, compared to 3% today, and to create more than one million new jobs by 2030.
The announcement of the fund follows confirmation earlier this year of the Ministry of Tourism as a distinct ministry with overarching strategic and regulatory control of tourism in Saudi Arabia, and the Saudi Tourism Authority, which is responsible for destination promotion and tourist experience. Together, the three entities will collaborate to evolve and enhance Saudi Arabia's tourism eco-system.


Clic here to read the story from its source.