Riyadh - Mubasher: Saudi Arabia is planning to launch a tourism development fund at an initial capital investment of SAR 15 billion ($4 billion), Reuters reported on Sunday.
The fund will launch equity and debt investment vehicles to promote the tourism sector in cooperation with private and investment banks, according to a statement by the Saudi Ministry of Tourism.
The step is part of the kingdom’s plans to diversify its economy and combat the consequences of the coronavirus (COVID-19) pandemic and low oil prices.
“The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is a testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia,” Minister of Tourism Ahmed Al Khateeb stated.
