Riyadh – Mubasher: The Saudi Commission for Tourism and National Heritage (SCTH) on Sunday announced allocating SAR 3 billion ($800 million) until the end of 2020 as part of a loan programme for hotel and tourism projects.
The programme was approved by the National Transformation Programme (NTP) as part of the authority’s initiatives within the NTP, the SCTH said in a statement.
A total of SAR 397 million ($105.8 million) have been allocated to such projects in 2017, the commission revealed.
The SCTH’s loan initiative will be limited to projects developed in cities or governorates with lower growth, particularly those that can attract tourism and whose populations are below 1 million people, the commission’s vice president Hamad Al Ismail said, according to the statement.
We are currently working on receiving orders to finance tourism-related projects and have in fact received 40 orders from investors seeking financing for their projects, the vice presicent stated.
He added that eight requests, totalling SAR 424 million, have been completed and sent to the Saudi Ministry of Finance.
The SCTH is working on another 11 requests with a combined value of SAR 190 million, Al Ismail noted.
