RIYADH: Up to SR160 billion ($42.66 billion) of tourism projects will be financed in Saudi Arabia after a deal between the Kingdom’s Tourism Development Fund and local banks, the Saudi Press Agency reported.
The agreement was signed by the fund’s CEO Qusai Al-Fakhri, the CEO of Riyadh Bank Tareq Al-Sadhan, and the managing director and CEO of Banque Saudi Fransi, Rayan Fayez, in the presence of Saudi Minister of Tourism and chairman of the fund’s board of directors, Ahmed Al Khateeb.
The deal is based on establishing financing programs to support and develop the tourism sector with a value of up to SR160 billion and aims to activate the programs agreed on with the two banks.
“This agreement includes defining ways of cooperation between the fund and the participating banks by setting up mechanisms to support financing tourism projects in various regions of the Kingdom,” according to a statement.
It said the agreement was one of the fund’s efforts to encourage and stimulate investments in the tourism sector and support the private sector, including support for small and medium-sized enterprises (SMEs), by providing a number of financial products.
The fund was founded in June with an initial $4 billion investment and is part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.
Al-Fakhri said: “This agreement constitutes an essential step toward supporting and developing tourism projects in the Kingdom.”
He added that the fund’s role and commitment to supporting and developing the tourism sector continued by stimulating investment and building a solid relationship with banks and financial institutions, which would create distinct investment opportunities in the Kingdom.
The CEO of Riyadh Bank said the bank was proud to form this partnership with the fund, which would enhance the role of banks in supporting the private sector, including SMEs, and enable the development of tourism projects in the Kingdom.
“The tourism sector is one of the most important sectors that support the economy, and we are looking forward to starting an active participation with the fund to support quality projects, which will have an impact on finding promising investment opportunities in the Kingdom,” said Al-Sadhan.
Fayez said that the agreement accompanied the effective role of banks in achieving the objectives of the tourism sector, which was one of the most promising sectors for investment, and would be the beginning of an effective partnership with the fund that would contribute to creating investment opportunities in the Kingdom.
He also said that these agreements played an important role in creating pioneering tourism projects and destinations that, in turn, contributed to achieving the objectives of the National Tourism Strategy.
He added that the strategy aimed to increase the tourism sector’s contribution to the Kingdom’s gross domestic product from 3 to 10 percent, create a million new jobs and receive 100 million local and international visitors by 2030.
Saudi Tourism Development Fund signs $43bn deal for tourism projects
https://arab.news/meur2
Saudi Tourism Development Fund signs $43bn deal for tourism projects
- Fund to launch investment vehicles to develop tourism with private and investment banks
- Saudi Arabia wants tourism sector to contribute 10% of GDP by 2030
Rainy Abha alive with color as jacaranda trees bloom
- Scores of picnickers and tourists have been drawn to areas like Art Street where the blossoms provide a picturesque backdrop
- Asir is home to more than 15,000 jacaranda trees, some of which can grow to a height of 18 meters (60 feet)
RIYADH: After the recent rains in Asir, the city of Abha is awash with color as the jacaranda trees that line its streets spring into life.
Scores of picnickers and tourists have been drawn to areas like Art Street where the blossoms provide a picturesque backdrop to the hustle and bustle of the city, the Saudi Press Agency reported.
The Asir region is home to more than 15,000 jacaranda trees, some of which can grow to a height of 18 meters (60 feet).
The jacaranda genus, which comprises about 45 species of trees and shrubs, is known for its ability to thrive in temperate regions. Within the Kingdom, the trees are mostly cultivated in moderate regions to the south.
Saudi FM meets with Standing Committee of International Humanitarian Law delegation
- Strengthening of international unification with regard to supporting efforts made to ensure human security and safety in all parts of the world was discussed
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received the chairman of the Standing Committee of International Humanitarian Law Dr. Jalal Al-Owaisi in Riyadh on Monday.
During the reception, Prince Faisal, Al-Owaisi, and his accompanying delegation discussed aspects of cooperation in the fields of international humanitarian law.
The strengthening of international unification with regard to supporting efforts made to ensure human security and safety in all parts of the world was also discussed during the meeting.
Later, a memorandum of understanding to enhance joint cooperation in the field of international humanitarian law was signed by the Foreign Ministry and the committee.
The MoU aims to support the integration of joint efforts and facilitate the exchange of experiences and transfer of knowledge in the field of international humanitarian law.
Madinah governor inspects pilgrim services ahead of Hajj
RIYADH: Madinah Gov. Prince Salman bin Sultan on Monday visited the Welcome and Reception Center for Pilgrims on the Hijrah route to inspect the services offered to pilgrims and the preparations made to receive those who are coming to perform the Hajj rituals this year.
He also reviewed the center’s workflow, ensuring it guarantees the comfort of pilgrims and the expeditious completion of procedures related to the services provided to them, the Saudi Press Agency reported.
Prince Salman, who is also chairman of the Hajj and Visit Committee in the region, inspected the workflow mechanism and services provided to pilgrims arriving from King Abdulaziz International Airport and Jeddah Islamic Port, as well as those visiting Madinah after completing the rituals.
He also examined the center’s operational indicators, which automatically monitor arrivals and groupings, along with the plan to enhance the service system through screens monitoring bus arrivals and the completion of procedures within a period not exceeding 120 seconds, by guiding pilgrims and ensuring their residences are ready to receive them.
During the tour, Prince Salman received an explanation of the center’s components, including a support center for transportation services, health clinics and ambulance transportation services, as well as the security and safety system and integrated operational services in welcome lounges, bus routes, the charity warehouse headquarters, transportation companies, and other administrative buildings within the center’s scope.
Al-Yanfa village restoration unlocks Asir’s architectural treasures
RIYADH: Municipal authorities in the Asir region have announced the completion of renovation and development works in the historic Al-Yanfa heritage village in the Tamniah district.
The initiative aims to elevate the village into a premier destination, attracting visitors and tourists from across the world, the Saudi Press Agency reported on Monday.
Al-Yanfa, situated in the scenic Al-Shaaf district of Asir, reflects the region’s cultural heritage. Just 45 km from Abha, the village features historical landmarks such as ancient buildings, mosques and fortified structures amid Asir’s picturesque landscapes. It is also known for its moderate climate and lush green surroundings.
Bandar Al-Nafiei, deputy secretary for projects at the Asir Municipality, highlighted the restoration efforts. He said that the project began with rehabilitating pathways and courtyards, with stone paving throughout the village.
To enhance the village’s charm, illumination fixtures were placed along pathways and courtyards, Al-Nafiei said.
Extensive landscaping was also undertaken, covering every part of the village, from entrances to pathways and courtyards. Additionally, a rainwater drainage project was implemented, incorporating natural wood elements, the SPA reported.
Al-Nafiei said that the village project, spanning more than 60,000 sq m, was implemented using advanced engineering methods. This approach aimed to provide visitors with easy access to explore the village and its historical heritage.
Saudi dialogue center in Lisbon hosts global peace forum
RIYADH: The King Abdullah bin Abdulaziz International Center for Interreligious and Intercultural Dialogue is hosting a global dialogue forum in Lisbon, Portugal, from May 14 to May 16, the Saudi Press Agency reported.
Themed “Transformative Dialogue: Building Alliances for Peace in a Changing World,” this event marks a significant milestone in the center’s decade-long commitment to fostering global change and peace.
Bringing together influential leaders from decision-making institutions, the forum offers an opportunity to forge partnerships addressing today’s complex challenges, the SPA reported.
It serves as a platform for global political figures, intellectual leaders and clerics to tackle issues of peaceful coexistence and sustainable development amid rapid transformations.
Attendees include former French president, Francois Hollande; Sheikh Dr. Saleh bin Abdullah bin Humaid, the imam of the Grand Mosque in Makkah; Ecumenical Patriarch Bartholomew I, the archbishop of Constantinople; Matteo Renzi, former Italian prime minister; and former president of Austria, Heinz Fischer.
Exploring dialogue’s transformative potential, the forum aims to advance human rights, social cohesion, reconciliation and environmental cooperation in line with the center’s mission, the SPA said.
By fostering cooperation among nations, international institutions and civil society, the forum seeks to build understanding between cultures and religions.
With participation from prominent figures across various fields, this forum holds significant potential to shape policies and priorities for peaceful coexistence and societal advancement, the SPA reported.
