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|16 April, 2019

Saudi tourism body secures $293mln financing for 33 hotel projects

The SCTH offers loans to hotel and tourism projects in a bid to increase investments

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser

Riyadh –  The Saudi Commission for Tourism and National Heritage (SCTH) announced meeting the financing requirements for 33 hotel and tourism projects in 13 areas with a combined financing value of SAR 1.1 billion, according to a statement.

A committee formed by the SCTH approved six requests for establishing hotel projects valued at SAR 71 billion since the launch of the financing initiative in collaboration with the kingdom's Ministry of Finance till the end of the first quarter of 2019, general manager of tourism investment at the SCTH, Abdul Majeed bin Abdul Mohsen Al-Nasser, said.

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The SCTH offers loans to hotel and tourism projects in a bid to increase investments in the lowest growing regions with tourist attractions, he added.

Source: Mubasher

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