Tourism Ministry to launch stimulus for investors to ease Saudi market’s accessibility

04/03/2024 Argaam

Tourism Ministry to launch stimulus for investors to ease Saudi market’s accessibility

Minister of Tourism Ahmed Al Khateeb

Minister of Tourism Ahmed Al Khateeb stated that Saudi Arabia is preparing to launch a stimulus package for investors to ease the Saudi tourism sector’s accessibility and make it less costly to operate in.

 

The Tourism Development Fund has granted loans to over 50 projects so far, totaling SAR 35 billion in capital expenditure. This is in addition to the projects announced by the Public Investment Fund (PIF), which are worth $800 billion, Al Khateeb told Al Arabiya.

 

Saudi Arabia is the world’s largest investor in the tourism and travel sector, achieving its goals in collaboration with relevant authorities while working on strategies to attain more ambitious goals, the minister added.

 

Al Khateeb pointed out that the Saudi tourism and travel sector is a key pillar of the Kingdom’s Vision 2030. As much as 80% of the sector’s activities are small and medium-sized, he added.

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