“Such a fund with the participation of the Jeddah Chamber of Commerce and Industry (JCCI) would help generate investment opportunities in the heritage tourism sector. It is an area in which countries such as Turkey and Morocco have made remarkable strides,” the prince said while addressing businessmen at the JCCI headquarters on Tuesday on the sidelines of the ongoing National Built Heritage Forum, which began on Monday and will last until Friday.

“The establishment of a working committee or council with the private sector would bring the SCTA and businessmen together,” the prince said, stressing the need for collaboration with the private sector to undertake projects related to heritage and tourism.

Replying to a question posed by Arab News on the possibility of foreign investment partnerships in heritage projects such as motels, rest homes, and hotels modeled in a traditional architectural style, the prince said joint projects could be launched within the ambit of foreign investment regulations in the Kingdom.

Regarding the issue of visas for foreign tourists, the prince said the priority currently was to boost domestic tourism.

“With an approximate 6 million Saudi tourists annually going out to foreign destinations, the Kingdom is considered one of the largest tourist exporting countries,” the prince said, adding that the Kingdom has been discussing the idea of changing the concept of religious tourism.

The SCTA is keen on developing tourism for Umrah pilgrims. As part of that aim the museums are being improved as well as strategies to attract visitors to important locations in Islamic history, the prince said.“Makkah in its entirety is replete with historical locations. The SCTA is currently coordinating with the Makkah municipality to develop the Bait Al-Saqaf, which symbolizes the architectural heritage of Makkah,” the prince said.

Regarding heritage projects in which investments could be made, the prince said: “There are plenty of opportunities including the launching of restaurants and guest houses in a traditional architectural style, heritage markets and agricultural heritage projects in rural or farming areas,” he said.

The SCTA struck an agreement with the Saudi Credit Bank to set up a fund to provide financing and loans for heritage related projects in 2009, the prince said.

According to the agreement, the bank should provide credit to owners of architectural heritage locations for repairs, maintenance and rehabilitation. Initially the loans were provided to help heritage villages and towns such as Al-Ghat in the Riyadh province, Rijal Almae in Asir, Dhil Ayn in Baha and Al-Ola in Madinah.

“Now we are trying to double the capital for financing and loans because the agreement with the credit bank succeeded in supporting businessmen who undertook the projects related to tourism and architectural heritage,” he said.

The prince also assured full assistance for investors to speed up official and procedural matters to launch tourism and architectural heritage projects.

The prince added that a lot of opportunities were wasted in the past because of red tape and the lack of sufficient support for heritage projects.

The heritage projects aim to reinforce the local economy and enhance the role of the private sector in boosting the domestic economy. The prince said 95 percent of the economies in small towns and villages depended on state funding.

The prince also noted a positive change in the attitude of businessmen investing in tourism and heritage sectors.

“People now are comfortable with this kind of investment,” the prince said, adding that investment in tourism was viewed as risky in the past and now this has changed because of the SCTA’s efforts.

“Locations for heritage and tourist investments are plenty not only in Makkah, southern provinces and Riyadh, but spread out in all regions in the Kingdom,” the prince said.

Speaking on the occasion, JCCI Chairman Saleh Kamel said the chamber has a center for business development with the aim of looking for new investment opportunities and offering them to businessmen. “The center will strive in collaboration with the SCTA to find investment opportunities in the tourism and architectural heritage sectors. It is a promising area and new industries with a heritage stamp could also be launched,” he said.