Abdullah bin Mohammed Al-Issa, chairman of the board of directors of Dur Hospitality, has lauded the creation of a tourism development fund with an initial $4 billion investment. The Tourism Development Fund, announced recently by the Ministry of Tourism, will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks.
Al-Issa praised Crown Prince Mohammed bin Salman for his ambitious vision and for initiating the fund, and expressed appreciation for the formation of the fund’s board of directors chaired by Minister of Tourism Ahmad bin Aqil Al-Khatib.
“It is an exceptional initiative that reflects the wise leadership’s insightful vision of supporting non-oil sectors, particularly the tourism sector, as major contributors to Saudi Vision 2030,” said Al-Issa. He underlined the fund’s role in raising the non-oil GDP, creating jobs, and attracting local and foreign investments to the sector, in line with the goals of the national vision, and its role in the development of the tourism industry.
The hospitality veteran anticipated a new era of excellence through the Tourism Development Fund and thanked the minister of tourism for his remarkable efforts in developing the Saudi tourism industry and steering it through many challenges. He said the fund has been launched at the “perfect time” and it will contribute to outlining a road map for reviving and developing the tourism sector in the post-COVID-19 era. The initiative will also help in setting plans aimed at facing the current and upcoming challenges and devising effective solutions.
According to Al-Issa, the fund will play a pivotal role in supporting several mega projects and developing new tourist destinations by acting as a stimulus for the private sector, encouraging it to enhance its contribution to the tourism industry by providing viable investment opportunities for it.
He also expressed Dur’s interest in benefiting from this initiative and highlighted the company’s readiness to contribute to the development of hotel projects and establish local and international partnerships to attract investments to the tourism sector.