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Signing the memorandum of understanding
Ministry of Municipal, Rural Affairs and Housing signed a memorandum of understanding (MoU) with Tourism Development Fund (TDF) to enhance means of cooperation on private sector partnerships and investment of the lands and real estate belonging to the ministry and its affiliated bodies, Saudi Press Agency reported.
The MoU aims at supporting and developing the tourism and municipal sectors across the Kingdom, within the framework of the national tourism strategy, the ministry added.
As per this memorandum, the ministry will offer its land and real estate to both parties’ qualified investors, to be optimized in tourism and development projects supported by TDF.
Moreover, the fund will provide the ministry with the necessary studies, research, information, and statistics that reflect the targeted cities’ needs for different kinds of tourism projects and their economic feasibility on both parties.
The ministry and the fund will cooperate and exchange information necessary for promoting and investing in the development of the municipal and tourism sectors in the Kingdom.
A technical link will be established between the ministry’s Municipal Investment Fund (Furas) and the fund’s Tourism Investment Portal, to improve and build an integrated investment experience that covers tourism investment opportunities and the related financing solutions programs.
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