RIYADH: According to Arab News, Saudi Arabia’s Tourist Development Fund stated it has spent SR2 billion ($533 million) on tourism projects worth a total of SR6 billion since its inception last year through the end of September this year.
The fund stated in a statement that the remaining SR4 billion for the projects came from the private sector.
The fund, which began with a $4 billion investment in June 2020, is part of Saudi Arabia’s attempt to diversify its economy away from oil.
Qusay Al-Fakhry, the fund’s CEO, revealed these figures during a briefing given to Saudi Tourism Minister Ahmed Al-Khatib, who is also chairman of the fund’s board of directors.
Al-Khatib visited the new headquarters of the fund with several other board members.