DUBAI: Saudi Arabia plans to start a tourism development fund with an initial $4 billion investment, the ministry of tourism said on Sunday, as part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.
The Tourism Development Fund will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks, the ministry said in a statement.
“The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia,” Minister of Tourism Ahmed Al-Khateeb said in the statement.
Tourism is one of the main pillars of Saudi economic reforms aimed at weaning the country off its dependence on oil revenue.
Saudi Arabia last year opened up to international tourists, launching a new visa regime while appealing to foreign companies to invest in the sector, which it hopes will contribute more than 10% of gross domestic product by 2030, up from 3% currently.
Analysts predict a severe economic contraction in Saudi Arabia this year, hit by the economic impact of measures to contain the COVID-19 pandemic and by a sharp drop in oil revenue because of low crude prices.
Saudi Arabia to launch $4bn tourism development fund
https://arab.news/663nc
Saudi Arabia to launch $4bn tourism development fund
- The fund will launch equity and debt investment vehicles to develop the tourism sector
- Tourism is one of the main pillars of Saudi economic reforms
Saudi Arabia stops ballistic missiles aimed at Prince Sultan Air Base
- Saudi Arabia’s cabinet on Tuesday strongly condemned Iranian attacks targeting the Kingdom
RIYADH: Saudi Arabia shot down seven ballistic missiles, the defense ministry said early Wednesday.
Six of the missiles were aimed at Prince Sultan Air Base, and the other was intercepted while heading to the Eastern Province.
Five drones were knocked down heading to the Shaybah oil field in the Empty Quarter.
Eleven drones were also shot down in Al-Kharj, Hafar Al-Batin, and other parts of the Eastern Province, the ministry said.
The war, launched by the US and Israel on Iran, has escalated, impacting regional stability and sparking a global energy crisis.
Saudi Arabia’s cabinet on Tuesday strongly condemned Iranian attacks targeting the Kingdom, Gulf states and other countries in the region, saying they threaten regional security and violate international law.
The cabinet session, chaired by Crown Prince Mohammed bin Salman via videoconference, reaffirmed Saudi Arabia’s right to take all necessary measures to protect its security, sovereignty and territorial integrity.
Brent crude hit a historic $120 a barrel on Monday before settling back down to $90 a barrel on Tuesday.
Amin Nasser, CEO of Aramco, the world’s top oil exporter, told reporters: “There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy.”
The White House said that gas prices will plummet once US objectives in the war are reached.
The conflict could stretch on for months despite US President Donald Trump saying that it could be drawing to a close. But Iran’s Revolutionary Guard has said it will end when they decide.
