Saudi deployed over USD 530 million on tourism projects in one yeartext_fields
Saudi Arabia's Tourism Development Fund has spent $533 million (SR 2 billion) on tourism projects until September 2021. The department was established in June 2020.
The tourism projects in question are worth around SR 6 billion. And the remaining SR 4 bullion for the projects were provided by the private sector, said the department. The fund's CEO, Qusay Al-Fakhry revealed the figures while speaking to Saudi Tourism Minister Ahmed Al-Khatib, who is also chairman of the fund's board of directors. Al-Khatib was visiting the new headquarters of the fund with other board members, reported Arab News.
The Tourism Development Fund is part of the Kingdom's plans to diversify its economy and explore beyond the oil sector.
A recent statement by the Saudi Tourism Authority suggested that the government is expecting the number of tourists coming to the country to double. Fahd Hamidaddin, CEO of the STA, said that the Riyadh Season had increased the rate of visits to the Kingdom by 30% in 2019. New giga-projects are expected to double the visitors, reported Arab News.
Moving away from the oil sector, the country is expected to provide one million job opportunities that will increase the GDP by 10%. The Kingdom also launched an initiative called "Discover Saudi'' as tourism is part of its Vision 2030. Positive changes in the tourism sector are also expected to attract investments and increase sources of income.