Saudi tourism body mulls $1.3bn projects fund
SCTA chief says it is in talks with government agencies to raise cash
The Saudi Commission for Tourism and Antiquities (SCTA) has proposed a $1.33bn (SR: 5bn) fund to finance new tourist projects in the Kingdom, according to Arab News.
Speaking on the sidelines of the Arabian Travel Market trade show in Dubai, SCTA chairman Prince Sultan bin Salman said: “We are talking with a number of government agencies to launch the project.”
The initiative would involve interest-free loans for developers of tourism projects - whether service or infrastructure. This would include the financing of entertainment facilities, hotels or even the training of tourism guides.
Meanwhile, the prince also said that a new company would be set up soon to deliver the Al-Uqair tourism project on Saudi Arabia's East Coast.
The 100km2 project is set to providde accommodation for up to 200,000 people and have facilities such as hotels, marinas, sports grounds and amusement parks.
The public-private partnership to deliver the project will have a paid-up capital of around $800m (SR: 3bn).