Saudi Arabia to Allocate $100 Million for 1st Global Tourism Fund

Saudi Arabia to Allocate $100 Million for 1st Global Tourism Fund

Saudi Arabia hosts the first global summit with wide international participation to discuss the recovery of the tourism sector internationally (Asharq Al-Awsat).

In partnership with the World Bank, Saudi Arabia made a pledge of USD100 million for the establishment of a global fund to support tourism, as the first international fund of its kind to stimulate the sector's post-pandemic growth.

The announcement came during a summit launched on Wednesday in Riyadh with the participation of tourism ministers and relevant international organizations, to discuss ways to reshape the future of tourism that has collapsed with the outbreak of the COVID-19 pandemic.

Saudi Minister of Tourism Ahmed Al-Khatib stressed that the Kingdom, through its contribution to the establishment of the International Fund for Comprehensive Tourism in cooperation with the World Bank, aims to support human capabilities to make the most of the sector for a more sustainable future, a step that promotes tourism while preserving the local environment.

Khatib underlined the importance of achieving sustainability in the sector in all areas, especially the environment, pointing to the need for sustainable financial resources by diversifying income and investment returns.

"We must rebuild tourism and make it more resilient in the face of crises, to overcome the challenges of