Saudi tourism fund invests $533m on various projects in over a year

Hot Air Balloon Festival over Mada'in Saleh (Hegra) ancient site, AlUla in Saudi Arabia. File/Shutterstock
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RIYADH: Saudi Arabia’s Tourism Development Fund said on Monday it had deployed SR2 billion ($533 million) on tourism projects worth a total of around SR6 billion since its establishment last year until the end of September this year.

The remaining SR4 billion for the projects have come from the private sector, the fund said in a statement.

Founded in June 2020 with an initial $4 billion investment, the fund is part of Saudi plans to diversify the economy away from the oil sector.

Qusay Al-Fakhry, the fund’s CEO, revealed these figures during a briefing given to Saudi Tourism Minister Ahmed Al-Khatib, who is also chairman of the fund’s board of directors.

Al-Khatib visited the new headquarters of the fund with several other board members.