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ARTICLE · 01 SEPTEMBER 2020

Saudi Arabia's New Tourism Development Fund

Jones Day
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Saudi Arabia's Vision2030 is a strategic framework to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors, including tourism.

Saudi ArabiaFinance and Banking
Jones Day
Jones Day
Javade Chaudhri
Javade Chaudhri
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In Short

The Situation: On June 21, 2020, the Saudi Minister of Tourism, Ahmed Al-Khateeb, announced the creation of a Tourism Development Fund ("Fund") with an initial capital of SAR 15 billion (approximately US$4 billion).

The Goal: The National Transformation Program ("NTP") aims at, among other things, marketing Saudi Arabia as a tourist destination regionally and globally.

Looking Ahead: The Fund is likely to play an important role in attracting and supporting investments, encouraging the development of the Saudi tourism sector, and overcoming some of the challenges it faces.

Saudi Arabia's Vision2030 is a strategic framework to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors, including tourism. Under Vision2030, the NTP, a coordinating unit involving 24 Saudi government entities, aims to develop the government capacity and capabilities required to establish the necessary legal and

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