He made this announcement after signing an agreement with NCB Capital to work as financial adviser to establish and manage Al-Ogair Development Company. Prince Sultan said the project to develop Al-Ogair seafront comes in line with the government’s efforts to carry out a number of major tourism projects.

The agreement was signed on behalf of SCTA by Salah bin Khaled Al-Bakheet, vice president of the commission for investment affairs, while Abdul Karim Abu Al-Nasr, chairman of NCB Capital, signed the agreement on behalf of his organization.

Prince Sultan said the new tourism projects would create a lot of job opportunities for young Saudi men and women. They will also boost the Kingdom’s economic development. He commended a Cabinet decision last year offering financial support to SCTA’s projects. “This will stimulate tourism investment,” he added.

Speaking about Al-Ogair project in the Eastern Province, he said it would be the organization’s first project for the development of integrated tourist destinations. “The SCTA will make these tourist destinations more attractive for investment. Now the work is under way to complete the steps to announce the development of other sites during the next phase.”

Prince Sultan described Al-Ogair as a leading national project, which will be carried out with the support of both the public and private sectors. “This project was delayed for various reasons, but now we are working in collaboration with the Ministry of Municipal and Rural Affairs, the site owner, and the Public Investment Fund to accelerate its implementation,” he added.

He highlighted the commission’s endeavors to develop domestic tourism. “We are constantly working to prepare the local market to meet the growing demand of citizens for domestic tourism through the provision of high quality services and programs.”

Prince Sultan said the commission had received several offers from a number of financial organizations to assume the position of financial adviser for the management and establishment of Al-Ogair Development Company. “NCB Capital’s offer was agreed to be the most appropriate for this project.”