DUBAI: Saudi Arabia plans to start a tourism development fund with an initial $4 billion investment, the ministry of tourism said on Sunday, as part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.
The Tourism Development Fund will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks, the ministry said in a statement.
“The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia,” Minister of Tourism Ahmed Al-Khateeb said in the statement.
Tourism is one of the main pillars of Saudi economic reforms aimed at weaning the country off its dependence on oil revenue.
Saudi Arabia last year opened up to international tourists, launching a new visa regime while appealing to foreign companies to invest in the sector, which it hopes will contribute more than 10% of gross domestic product by 2030, up from 3% currently.
Analysts predict a severe economic contraction in Saudi Arabia this year, hit by the economic impact of measures to contain the COVID-19 pandemic and by a sharp drop in oil revenue because of low crude prices.
Saudi Arabia to launch $4bn tourism development fund
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Saudi Arabia to launch $4bn tourism development fund
- The fund will launch equity and debt investment vehicles to develop the tourism sector
- Tourism is one of the main pillars of Saudi economic reforms
Saudi minister holds talks with Chinese, EU officials on climate, global issues
RIYADH: Saudi Arabia's Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir received China's Special Envoy for Climate Change Liu Zhenmin in Riyadh on Sunday.
During the meeting, they discussed strengthening cooperation in climate action and environmental conservation, along with other topics of mutual interest.
Both officials also reviewed the Kingdom’s ongoing initiatives and achievements in this field, the Saudi Press Agency reported.
In a separate meeting, Al-Jubeir received the deputy secretary-general for political affairs at the European External Action Service, Olof Skoog, and his accompanying delegation.
The meeting reviewed international developments and the efforts being made to address them, in addition to discussing topics of mutual interest.
Sheikh Saleh bin Humaid to deliver Arafah sermon during Hajj 2025
- The day of Arafah (the 9th of Dhul Hijjah) is widely considered the pinnacle of Hajj, marking the most important day for pilgrims
- The sermon is delivered from Masjid Al-Nimra on Mount Arafat before Dhuhr and Asr prayers are performed together on Dhul Hijjah 9
RIYADH: Sheikh Saleh bin Humaid will deliver the Arafah sermon during this year’s Hajj, the Presidency of Religious Affairs announced on Sunday.
The day of Arafah (the 9th of Dhul Hijjah) is widely considered the pinnacle of Hajj, marking the most important day for pilgrims. Muslims around the world who are not performing the pilgrimage mark the day by fasting and engaging in worship.
The sermon is delivered from Masjid Al-Nimra on Mount Arafat before Dhuhr and Asr prayers are performed together on Dhul Hijjah 9.
Head of Religious Affairs of the Grand Mosque and the Prophet’s Mosque Sheikh Abdulrahman Al-Sudais thanked King Salman and Crown Prince Mohammed bin Salman for the appointment.
The appointment underscores the Kingdom’s global religious leadership, reflects its continued support for religious institutions, and exemplifies the leadership’s care for the two holy mosques, the presidency said.
Saudi deputy FM receives EU official in Riyadh
- A meeting was also held as part of the third round of political consultations between Saudi Arabia and the EEAS
RIYADH: Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji received Olof Skoog, deputy secretary-general for political affairs at the European External Action Service, and his accompanying delegation, in Riyadh on Sunday.
During the meeting, they discussed bilateral relations between the Kingdom and the EU and other topics of common interest, the Foreign Ministry wrote in a post on X.
A meeting was also held as part of the third round of political consultations between the Kingdom and the EEAS. Senior officials from both sides participated in the session, chaired by Raed bin Khalid Qarmli, director-general of the general directorate of policy planning at the Saudi Foreign Ministry, with Skoog representing the European side.
Pakistani ambassador to Saudi Arabia meets with CEO of Diriyah Gate Development Authority
- The meeting focused on strengthening Saudi-Pakistani ties in the field of heritage and culture
RIYADH: Ahmad Farooq, Pakistan’s ambassador to Saudi Arabia, met with Jerry Inzerillo, CEO of Diriyah Gate Development Authority in Riyadh.
The meeting focused on strengthening Saudi-Pakistani ties in the field of heritage and culture, the Pakistani Embassy wrote in a post on X on Sunday.
The ambassador presented Inzerillo with a painting from his own Diriyah-themed series, created to celebrate the Kingdom’s history and heritage.
He also presented him with a made-in-Pakistan FIFA-standard football “symbolizing Pakistan’s craftsmanship and the mutual spirit of friendship.”
Saudi reserve engages pilgrims on biodiversity
- Pilgrims were welcomed at Al-Shuqaiq in the Jouf region, where more than 4,000 gifts reflecting the reserve’s history and conservation efforts were distributed
RIYADH: Hajj pilgrims arriving in the Kingdom by land were introduced to projects and initiatives of the King Salman bin Abdulaziz Royal Reserve Development Authority.
The initiative aims to enhance biodiversity, restore vegetation and breed endangered species to create a more sustainable natural environment.
The authority also distributed educational brochures to raise awareness about environmental preservation, the Saudi Press Agency reported.
Pilgrims were welcomed at Al-Shuqaiq in the Jouf region, where more than 4,000 gifts reflecting the reserve’s history and conservation efforts were distributed.
Visitors were informed about the reserve’s environmental heritage, biodiversity, and commitment to sustainable ecological stewardship, the SPA added.
The authority works to preserve biodiversity by protecting habitats and creating safe environments for wildlife and plants to thrive.
Its achievements include planting more than 2.4 million trees, scattering four tonnes of native seeds and rehabilitating 250,000 hectares of degraded land.
The reserve hosts more than 290 documented bird species — about 58 percent of those recorded in the Kingdom — and includes five internationally recognized important bird areas.
Covering 130,700 sq. kilometers, the King Salman Reserve is the largest natural terrestrial reserve in the Middle East, spanning four administrative regions: Jouf, Hail, Northern Borders, and Tabuk.
