The establishment of the National Development Fund, chaired by His Royal Highness, Crown Prince Mohammed Bin Salman, was announced by Saudi Arabia’s Ministry of Tourism. The fund was created to stimulate growth across Saudi tourism sector.
The fund will launch a range of equity and debt investment vehicles, with an initial $4 billion (SAR 15 billion) capital and $45 billion (SAR 165 billion) in memorandum of understanding(MoU) already signed with private banks.The Tourism Development Fund, which has been approved by Saudi Arabia’s Council of Ministers, will collaborate with private and investment banks to support private-sector developments and incentivize further investment across the industry.
“The Tourism Development Fund will play a critical role in developing outstanding tourism experiences and unlocking the full potential of Saudi Arabia as a destination. 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. The social and economic importance of the sector cannot be understated: it drives growth and diversification, attracts international investment, creates job opportunities and enhances quality of life for millions of Saudis,” said His Excellency Ahmed Al-Khateeb, Minister of Tourism.
The National Development Fund, chaired by His Royal Highness, Crown Prince Mohammed Bin Salman, has approved the appointment of five board members, who will bring a wealth of experience and investment expertise to the Tourism Development Fund. Board members are: Her Highness Princess Haifa Mohammed Al Saud, Vice Minister of Strategy and Investment at the Saudi Ministry of Tourism; His Excellency IhsanBafakih, Governor of the Real Estate General Authority; Mr. Stephen Groff, Governor of the National Development Fund; Mr. Mohammed Omran Al Omran, Member of the Board of Directors at Saudi British Bank; and Mr. Mohammed Al-Hokal, Member of the Board of Directors at the National Commercial bank (NCB).
Author: Harry S. Johnson. eturbonews