Saudi Arabia is planning to pump nearly 7.5 billion Saudi riyals ($2 billion) in new tourism projects within an ongoing drive to develop the sector and diversify its oil-reliant economy, a Saudi official has said.

The Tourism Development Fund (TDF) has already invested nearly SAR2.6 billion ($693 million) in tourism projects in the Gulf Kingdom since it was launched more than four years ago, its strategy chief Badr Al-Harbash told the Saudi daily Al-Watan.

“There are other commitments by TDF to fund more tourism projects…these commitments account for nearly half the Fund’s capital of SAR15 billion ($4 billion),” Harbash said in his comments published on Sunday.

He said these projects would have “immense effects” on the domestic economy and would create a large number of jobs for Saudis.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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