#Saudi Tourism Development Fund, banks sign deal for up to $43 billion of projects | Reuters

Saudi Tourism Development Fund, banks sign deal for up to $43 billion of projects | Reuters:

Saudi Arabia's Tourism Development Fund on Monday signed an agreement with Riyadh Bank 1010.SE and Banque Saudi Fransi 1050.SE to finance up to 160 billion riyals ($43 billion) of tourism projects in the kingdom, state news agency SPA reported.

The agreement will set up mechanisms to finance tourism projects across the kingdom as part of the government’s efforts to develop the sector, a key pillar of Saudi Crown Prince Mohammed bin Salman’s ambitious reform strategy to reduce dependence on oil.

The fund, founded in June with an initial $4 billion investment, is part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.

It is intended to launch investment vehicles to develop tourism in collaboration with private and investment banks.