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Saudi Arabia’s Tourism Development Fund (TDF) will jointly finance a 1.3 billion Saudi riyals ($346 million) project in Madinah aimed at capitalising the tourism potential of the holy city.
The fund signed an agreement on Thursday with Knowledge Economic City and Riyad Bank to finance the development of KEC Hub , a 68,000 square metre tourism complex in Madinah.
“This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector,” Qusai Al Fakhri, chief executive of TDF said in a statement.
“It exemplifies our commitment to delivering on the National Tourism Strategy, increasing the GDP contribution of the tourism sector from 3 per cent to 10 per cent by 2030 and creating one million new jobs.”
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