Arab News : 2020-06-29

Business News : 14 : 14

Business News

14 ARAB NEWS Monday, June 29, 2020 Corporate PRESS RELEASES FROM THE WORLD OF BUSINESS AND COMMERCE Corporate Briefs THE BEST OF THE REST DECODER NATIONAL DEVELOPMEN­T Dur Hospitalit­y chairman lauds creation of tourism fund Abdullah bin Mohammed Al-Issa, chairman of the board of directors of Dur Hospitalit­y, has lauded the creation of a tourism developmen­t fund with an initial $4 billion investment. The Tourism Developmen­t Fund, announced recently by the Ministry of Tourism, will launch equity and debt investment vehicles to develop the tourism sector in collaborat­ion with private and investment banks. Al-Issa praised Crown Prince Mohammed bin Salman for his ambitious vision and for initiating the fund, and expressed appreciati­on for the formation of the fund’s board of directors chaired by Minister of Tourism Ahmed bin Aqil Al-Khateeb. “It is an exceptiona­l initiative that reflects the wise leadership’s insightful vision of supporting non-oil sectors, particular­ly the tourism sector, as major contributo­rs to Saudi Vision 2030,” said Al-Issa. He underlined the fund’s role in raising the non-oil GDP, creating jobs, and attracting local and foreign investment­s to the sector, in line with the goals of the national vision, and its role in the developmen­t of the tourism industry. The hospitalit­y veteran anticipate­d a new era of excellence through the Tourism Developmen­t Fund and thanked the minister of tourism for his remarkable efforts in developing the Saudi tourism industry and steering it through many challenges. He said the fund has been launched at the “perfect time” and it will contribute to outlining a road map for reviving and developing the tourism sector in the post-COVID-19 era. The initiative will also help in setting plans aimed at facing the current and upcoming challenges and devising effective solutions. According to Al-Issa, the fund will play a pivotal role in supporting several megaprojec­ts and developing new tourist destinatio­ns by acting as a stimulus for the private sector, encouragin­g it to enhance its contributi­on to the tourism industry by providing viable investment opportunit­ies for it. He also expressed Dur’s interest in benefiting from this initiative and highlighte­d the company’s readiness to contribute to the developmen­t of hotel projects and establish local and internatio­nal partnershi­ps to attract investment­s to the tourism sector.

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