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Over the course of a year, the Saudi tourist fund invests $533 million in various initiatives

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.

Also read: GDA Announces That The Ayubia Chairlift Will Be Closed For Tourist

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.

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