Saudi Arabia plans to launch SAR 15 bln tourism development fund

Saudi Arabia’s Ministry of Tourism plans to start a tourism development fund with an initial capital investment of SAR 15 billion ($4 billion), to diversify the Kingdom’s economy and attract more foreign travelers.

The Tourism Development Fund will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks, the ministry said in a statement.

Minister of Tourism, Ahmed Al-Khatib, noted that the launch of the fund indicates the confidence of the investor and the private sector in the long-term outlook for tourism in Saudi Arabia despite the global tourism sector facing unprecedented challenges.

Earlier this month, Shura Council approved the fund, which aims at boosting tourism in the Kingdom through supporting related investments and developing targeted touristic sites