$1 bln to finance infrastructure projects in Saudi

Saudi to attract 70 million international, local visitors
$1 bln to finance infrastructure projects in Saudi
Saudi Tourism Minister Ahmed Al-Khateeb

Saudi Minister of Tourism Ahmed al-Khateeb said that the Saudi-Spanish Infrastructure Fund with a capital of $1 billion will finance infrastructure projects in the Kingdom, in addition to another fund worth $5 billion for private sector investments.

Al-Khateeb revealed that Saudi aims to attract 70 million international and local visitors, stressing that tourism in the Kingdom is one of the fastest growing and most attractive sectors globally.

Buoyed by strong bilateral trade totaling $3.5 billion annually, Saudi and Spain look to play a key role in strengthening global tourism as both countries continue to share strong business relationships.

The Ministry of Investment of Saudi Arabia (MISA) recently hosted Spanish Tourism Minister María Reyes Maroto in a bilateral investment forum aimed at strengthening investment partnerships in sustainable tourism.

Earlier this year the Saudi government announced plans to invest a further $1 trillion dollars in the tourism sector over the next ten years.

Saudi announced its mega projects to achieve the environmental goals of the Saudi Green and the Middle East Green Initiatives and the goals of net-zero emissions.

Minister of Environment Environment, Water and Agriculture Abdulrahman Al Fadhli said that Saudi aims to become one of the 15 largest economies in the world, which requires a gross domestic product of $1.7 trillion in 2030.

In addition, he added that the Kingdom wants to increase recycling by 42 percent and establish new facilities to manage 106 million tons of waste by 2035.

Moreover, he announced that waste-related projects create 77,000 jobs and contribute $32 million to the Kingdom’s GDP.