Arab News, Thursday, Apr 21, 2022 | Ramadan 20, 1443
Saudi Arabia to invest $100m in Tourism Support Fund alongside World Bank: Minister
Saudi Arabia:
Saudi Arabia has vowed to dedicate $100 million to establish the Tourism Support
Fund in collaboration with the World Bank, the Saudi Press Agency reported,
citing Ahmed bin Aqeel Al-Khatib, the minister of tourism.
To achieve this, the Kingdom has invited donor
countries and the private sector to participate in the first international fund
dedicated to back the increasingly important tourism sector.
This is part of the country's aims to support
initiatives directed at developing the tourism sector locally and
internationally as well as advancing economic recovery.
In May 2021, Saudi Arabia signed a memorandum of
understanding with the World Bank and the World Tourism Organization to activate
the “Tourism Community Initiative”.
The fund aims to further advance sustainable
tourism, inclusive growth, provide job opportunities, and preserve the natural
heritage in developing countries.
This falls in line with Saudi Arabia’s target to
receive as much as 100 million visits per year from both domestic and
international tourists by 2030.
In addition the government is seeking a goal for
the sector’s contribution to gross domestic product to reach 10 percent by this
time.