His Excellency Mr. Ahmed Al Khateeb
- A total of 150,000 hotel rooms will be built over the coming three years. 70 per cent of these hotels will be implemented by the private sector.- The Kingdom, in cooperation with local and foreign investors and local investment funds, including the Tourist Development Fund, seeks to establish 500,000 hotel rooms across the Kingdom by 2030.- Several memoranda of understanding with a total value exceeding 115 billion Saudi riyals have been signed to improve the infrastructure and increase the number of available hotel rooms.- We in the Kingdom seek to increase the absorptive capacity of the Kingdom’s airports by more than 100 million passengers annually.
- Establishing the Tourist Investment Fund aims at stimulating tourist investments in the Kingdom, diversifying income resources, increasing the contribution of the tourism sector in the GDP and creating more jobs for Saudi males and females in the tourism sector, as well as contributing to welcoming more tourists into the Kingdom according to goals of the national strategy for tourism and the Saudi Vision 2030.
- The Tourist Investment Fund has been established with a capital of 15 billion Saudi riyals. The fund has also signed memoranda of understanding with local banks to finance tourist projects with at least 150 billion Saudi riyals. The fund, in cooperation with investment banks, has founded funds to invest in various tourist sectors.
- One of the most important goals of the fund is to support and encourage tourist investments in the Kingdom. In this sense, the fund opens cooperation aspects with investors directly through providing support to them in anything related to tourist projects that can lead to developing the tourism sector in various areas of the Kingdom, including various fields, such as: hotels, restaurants and developing the tourist destinations, hospitality in general and trip organisers. The fund also seeks to make the investment environment more attractive for the private sector and offering it support to receive more profitable schemes, which creates bigger investment opportunities in the Kingdom through renovating the tourist destination in a way that accords with the national strategy for tourism. Moreover, the funds enjoys a main role in developing the tourism industry in general and stimulating more Saudi males and females to get engaged in this sector with the aim of providing one million new jobs by 2030, in addition to increasing the contribution of the tourism sector in the Kingdom to 10 per cent by 2030 up from its current rate of 3 per cent, and planning to receive 100 million tourist visits.
- The fund supports the private sectors through offering investment loans, as well as investing in projects through owning shares in these schemes. The fund also provides guarantees on some projects.- Support is also offered in some cases for distinguished and pioneer projects through providing all the aforementioned solutions. The fund, in coordination with relevant government agencies, contributes to providing plots of land for some important and essential projects.
Tourism Development Fund Website
Tourism Development Fund (twitter)