Saudi Arabia signs USD-26.-bln deals, MoUs to boost tourism

RIYADH, Saudi Commission for Tourism and National Heritage and the Saudi Arabian General Investment Authority signed Friday SAR 100 billion (about USD 26.6 billion) agreements and memorandums of understanding with local and international investment companies to boost tourism in the kingdom.

According to the Saudi Press Agency (SPA), the deals were within the Kingdom’s 2030 Vision of development aimed at expanding the horizon of the Saudi economy to include non-oil related income.

The deals will boost the contributions of the tourism sector to the economy by 10 percent, surpassing the current percentage of three.

Top authorities at the Saudi Commission for Tourism and National Heritage as well as the Saudi Arabian General Investment Authority expressed their eagerness to boost tourism in the kingdom, affirming that the current signed deals were targeting that specific goal.

Source: Kuwait News Agency