The Saudi Tourism Development Fund has invested two billion riyals since last year

The Saudi Tourism Development Fund said on Monday that it had spent two billion riyals ($ 533 million) of its capital to finance tourism sector projects totaling approximately 6 billion riyals from its inception last year until at the end of September of quest’year.

The fund added in a statement that the other four billion riyals came from the private sector.

The fund, established in June 2020 with an initial investment of $ 4 billion, is part of Saudi Arabia’s plans to diversify the economy with the aim of reducing its dependence on the oil sector.

Saudi Minister of Tourism, Chairman of the Board of the Tourism Development Fund, Ahmed Al-Khatib, said today that the fund has used two billion riyals of its capital to finance quality projects. in various tourism sectors and destinations, worth nearly 6 billion riyals, including 4 billion riyals from the private sector, which is a clear indication of the role The Fund’s central role in activating the role of the private sector in developing the sustainable tourism.

Qusai Al-Fakhri, CEO of the fund, said the fund is now partnering with more than 235 private investors to enable projects in in line with the objectives of the national tourism strategy, and this list is growing in light of the acceleration of investors to take advantage of the expected boom in the sector.

The projects activated by the fund during the 18-month period ending 30 September 2021 were distributed among 9 main tourist destinations in the Kingdom, and included the sectors of hotels and accommodation, tourist shopping, tourist experiences and activities, entertainment and others, while the number of hotel rooms these projects will add is approximately 3,500 rooms and these projects are expected to create approximately 21,000 jobs over the next three years.

Interestingly, the Tourism Development Fund has signed agreements with many local banks with the aim of providing the Fund’s services to the widest possible segment of investors and enhancing their support by providing all financing options. loans, bank guarantees and co-financing with banks.

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