Saudi Arabia has started a fund with an initial capital of $4 billion to develop its tourism industry as the kingdom, which is known for the majority of its money coming from oil is now seeking new ways to diversify its economy and attract more foreign travelers.
The Tourism Development Fund will launch a range of equity and debt investment vehicles and has $45bn in memorandum of understandings signed with private banks, according to a statement.
“Funding will be deployed to support mixed-use destinations, to address gaps in the tourism value chain, and to enable technologically-enhanced tourism.”
