Saudi Arabia launches $4 billion Tourism Development Fund


Saudi Arabia has started a fund with an initial capital of $4 billion to develop its tourism industry.

It's part of efforts by the oil-rich country to diversify its economy.

According to Ahmed Al-Khateeb, Minister of Tourism, the Tourism Development Fund "will play a critical role in developing outstanding tourism experiences and unlocking the full potential of Saudi Arabia as a destination".

It will launch a range of equity and debt investment vehicles, with an initial $4 billion capital and $45 billion in memoranda of understanding already signed with private banks.

This is the first phase of the National Tourism Strategy that focuses on developing 38 sites across seven destinations by 2022.

More from Business

Coming Up on Dubai Eye

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.


On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.


    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!