Saudi Arabia to invest $100m in Tourism Support Fund alongside World Bank: Minister

RIYADH: 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.