According to Hotelier Middle East, more than US $6.9 billion (SR26 billion) of tourism projects have recently been approved by Saudi Arabia’s National Transformation Programme (NTP) as part of the Kingdom’s Vision 2030 Strategy to diversify the economy away from oil.
Thirteen initiatives run by the Saudi Commission for Tourism and National Heritage have been approved many of which focus on preserving the Kingdom’s national heritage including Mosque programmes, the development of heritage sites, museums, exhibitions, handicraft centres and other places of national interest across Saudi Arabia.
Several tourist sites will be developed including Jazr Forsan, Souk Okaz city in Taif, Al Ula and Al Ra’as Al Abyadh in Madinah.
A further $800 million (SR3 billion) of funding will be made available for hotel, tourism and heritage projects in the Kingdom, including interest-free loans to investors working on tourism projects.
A tourism marketing council will be established to develop a range of products, activities and campaigns to support the sector.
Full story here.
See here for previous blog posts on the tourism and hospitality industry in the Kingdom of Saudi Arabia.
For a brief overview of Arpal Group’s activities in the rapidly growing KSA market please see here.