Saudi tourism authority to lend SAR 397 mln in 2017

06/03/2017 Argaam

Saudi Arabia's Commission for Tourism and National Heritage (SCTH) has allocated SAR 397 million to support a new lending program for hospitality and tourism projects in 2017, according to a statement on the state news agency SPA.

 

The ministry has set aside about SAR 3 billion over the next five years to support the sector under the National Transformation Program, which aims to diversify the kingdom’s economy and ease its dependence on oil revenue.

 

The ministry of finance has already approved investors’ requests for eight projects worth SAR 424 million, while 11 projects with a total cost of SAR 190 million are still under review.

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