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FinancialNews
06-03-17
Saudi tourism to lend USD105.86mn this year
(MENAFN) Saudi Arabia's Commission for Tourism and National Heritage has set USD105.86mn for this year in order to support a new lending program for hospitality & tourism projects.
Accordingly, the program plans to boost new private sectors and spread the Saudi economy beyond oil, the tourism lending program will reach 3bn riyals over five years.
Recently, the Commission has delivered 40 requests for funding from investors working on hotel and tourism projects, of which 8 totaling 424bn riyals have been sent to the Ministry of Finance.
Additionally, the whole five-year budget for the program initiatives is 268bn riyals, but few of the ministries recipients specified in the documents have announced short-term spending plans.
MENAFN0603201700450000ID1095291744
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