JEDDAH: The Saudi Commission for Tourism and National Heritage (SCTH) has begun the second phase of financing for hotel and tourism projects in the Kingdom, the Saudi Press Agency (SPA) reported.
The projects are being financed as part of SCTH’s initiative to encourage tourism and hospitality in less developed regions.
SCTH’s director-general of tourism investment, Abdul Majid bin Abdul Mohsen Al-Nasser, said that the initiative with the Ministry of Finance approved financing for seven projects at a cost of more than SR150 million ($40 million).
The actual cost of these projects exceeds SR400 million, he said.
Al-Nasser said: “This step would largely contribute to increasing the number of hotel rooms in the target region, providing new employment opportunities, and achieving comprehensive tourism development.”
As part of the National Transformation Program 2020, the directives and supervision of the president of SCTH, Prince Sultan bin Salman bin Abdulaziz, aim to encourage investors in the tourism sector and provide loans to hotel and tourism projects in less developed regions.
The SCTH is working with a number of investors to complete their requests for financing their hotel and tourism projects worth more than SR550 million.
Al-Nasser said that the joint committee formed by SCTH and the Ministry of Finance is studying funding for six projects worth more than SR210 million.
Investors who wish to seek funding can visit SCTH’s main office, or one of its branch offices, to apply. They can also visit SCTH’s website to review the terms and conditions.