The move is part of plans to diversify the economy’s resources in the face of the Corona pandemic and lower oil prices.
The ministry said in a statement that the fund will launch investment tools in debt and stocks to develop the tourism sector in cooperation with private banks and investment banks.
The Minister of Tourism Ahmed Al-Khatib said the launch of the fund at the present time, while the tourism sector is facing unprecedented global challenges, demonstrating the confidence of the investor and the private sector in the long-term outlook for tourism In Saudi Arabia.
Tourism is one of the main pillars of Saudi economic reforms aimed at reducing dependence on oil revenues.
Saudi Arabia opened its doors to tourists from all over the world last year and launched a visa system that tempts foreign companies to invest in the sector that the Kingdom hopes to contribute to more than ten percent of GDP. By 2030, up from three percent now.
Analysts expect severe economic contraction in Saudi Arabia this year due to the repercussions of measures to contain the Covid-19 pandemic and the sharp decline in oil revenues.
