Saudi cabinet boosts tourism funding
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The King Abdullah Project for Urban Heritage Development has got a green signal. This also includes more financial and administrative support for Saudi Commission for Tourism and Antiquities (SCTA) by the Cabinet. The current decision is certainly a shot in the arm for the Kingdom’s tourism industry, as reported by a Saudi Press Agency (SPA) report.
The industry is expected to provide large-scale employment for unemployed young Saudis and boost economic growth. The Cabinet decision is also expected to accelerate development of the sector, and improve services to match customer charges.
The SCTA is currently working on major programs, projects and systems including establishing domestic tourism development companies with public and private investments. It is in the final stages of launching the SR2.7 billion Aqir closed joint stock company in Al-Ahsa with public and private sector support.
It also plans to set up joint stock companies to launch heritage hotel and hospitality projects in the Samhan district in Al-Diriyah in Riyadh, Jeddah’s old historic area, and at locations in Al-Ula and Al-Ahsa. Feasibility studies for the Samhan district project is already underway.
The report said that the SCTA would also establish the Saudi Tourism Development and Investment Co, a government holding company, owned by the General Investment Fund with capital of SR200 million.
The newly launched King Abdullah Project for Urban Heritage Development depended on the cooperation of the ministry to succeed. The project aims to spread awareness about the Kingdom’s heritage and history.
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