SCTH funds second group of Saudi hotel and tourism projects

The SCTH and the Ministry of Finance have approved financing for seven hotel and tourism projects projects at a cost of more than SR150 million. Above, Al Koot Heritage Hotel in Al Ahsa. (Reuters)
Updated 02 August 2018
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SCTH funds second group of Saudi hotel and tourism projects

  • The projects are being financed as part of SCTH’s initiative to encourage tourism and hospitality in less developed regions
  • Joint committee formed by SCTH and the Ministry of Finance has approved financing for seven projects

JEDDAH: The Saudi Commission for Tourism and National Heritage (SCTH) has begun the second phase of financing for hotel and tourism projects in the Kingdom, the Saudi Press Agency (SPA) reported.

The projects are being financed as part of SCTH’s initiative to encourage tourism and hospitality in less developed regions.

SCTH’s director-general of tourism investment, Abdul Majid bin Abdul Mohsen Al-Nasser, said that the initiative with the Ministry of Finance approved financing for seven projects at a cost of more than SR150 million ($40 million).

The actual cost of these projects exceeds SR400 million, he said.

Al-Nasser said: “This step would largely contribute to increasing the number of hotel rooms in the target region, providing new employment opportunities, and achieving comprehensive tourism development.”

As part of the National Transformation Program 2020, the directives and supervision of the president of SCTH, Prince Sultan bin Salman bin Abdulaziz, aim to encourage investors in the tourism sector and provide loans to hotel and tourism projects in less developed regions.

The SCTH is working with a number of investors to complete their requests for financing their hotel and tourism projects worth more than SR550 million.

Al-Nasser said that the joint committee formed by SCTH and the Ministry of Finance is studying funding for six projects worth more than SR210 million.

Investors who wish to seek funding can visit SCTH’s main office, or one of its branch offices, to apply. They can also visit SCTH’s website to review the terms and conditions.


Kingdom drives global efforts on space debris

Updated 2 min 12 sec ago
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Kingdom drives global efforts on space debris

  • 75 countries gather in Riyadh to address orbital risks, promote sustainable space use
  • DebriSolver competition highlights innovative solutions for orbital safety

RIYADH: The Saudi Space Agency will host the second Space Debris Conference in Riyadh on Monday, the Saudi Press Agency reported.

The two-day event will bring together experts, decision-makers, and representatives from 75 countries, including governments, international organizations, and specialized space companies.

The conference is part of Saudi Arabia’s efforts to unify international initiatives addressing the growing challenges of space debris and to promote the sustainable use of outer space as a shared resource.

It aims to protect space activities and orbital infrastructure while supporting the growth of the global space economy, the SPA added.

Held with the support of the UN Office for Outer Space Affairs and in partnership with the International Telecommunication Union, the conference highlights the importance of international cooperation and effective governance frameworks to mitigate space debris risks and ensure a safe, sustainable space environment.

The event seeks to strengthen Saudi Arabia’s position as a global hub for space sustainability by enhancing international coordination on space debris issues.

It also highlights the Saudi Space Agency’s role in promoting policies and initiatives that safeguard the future of the space economy, the SPA reported.

Key objectives of the conference include raising global awareness of space debris risks, reviewing related legislation and policies, fostering research and innovation, and developing effective international governance mechanisms to ensure the responsible and sustainable use of orbital environments.

The conference will feature panel discussions and keynote speeches on themes including space sustainability, protection of the global space economy, strengthening international cooperation, and showcasing innovations, partnerships, and operational solutions to address space debris challenges.

A highlight of the event is the DebriSolver competition, an international platform encouraging applied innovation in space debris mitigation.

Leading experts and international judges will evaluate innovative solutions against the highest scientific and technical standards, supporting the transition from research concepts to practical, deployable solutions.

By hosting the conference, Saudi Arabia reaffirms its leading role in supporting international space initiatives, strengthening public-private partnerships, and shaping the future of the global space community.

This aligns with the objectives of Vision 2030, reinforcing the Kingdom’s position as a global hub for the space economy and sustainability, the SPA stated.

The first edition, held in Riyadh in 2024, attracted participants from more than 50 countries, along with international organizations and global companies, and concluded with recommendations to raise awareness of the importance of managing space debris.