Dur’s Chairman Commends timing of Tourist Development Fund

Jun 22 2020

Wise leadership unleashes promising investment diversification opportunities through tourism


The Chairman of the Board of Directors of Dur Hospitality, Eng. Abdullah bin Mohammed Al-Issa, has extended his gratitude to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Chairman of the Board of Directors of the National Development Fund, for initiating the Tourism Development Fund with a capital of 15 billion riyals ($ 4 billion). Mr. Al- Issa also valued the approval of the formation of the Fund's Board of Directors chaired by HE the Minister of Tourism Ahmad bin Aqil Al-Khatib.

Al-Issa praised this “exceptional initiative which reflects the wise leadership’s insightful vision by supporting non-oil sectors, particularly the tourism sector as a major contributor to translating Saud Vision 2030.” He emphasized the Fund’s role in raising non-oil GDP, creating jobs, and attracting local and foreign investments to the sector, in line with the goals of the national vision, along with its role in following through with the national initiatives aimed at developing the promising tourism industry.

Dur Hospitality’s Chairman anticipated a new era of excellence through the Tourism Development Fund and thanked the Minister of Tourism for his remarkable efforts in developing the tourism industry in the Kingdom and steering it through many challenges. He also lauded the perfect timing for launching the fund at this stage, which will contribute to outlining a road map for reviving and developing the tourism sector after the COVID-19 pandemic, in addition to setting plans aimed at facing current and upcoming challenges and devising the most effective solutions.

According to Al-Issa, the Fund will play a pivotal role in supporting several mega projects and developing new tourist destinations through acting as a stimulus for the private sector that would encourage it to enhance its contribution to the tourism industry by providing viable investment opportunities for it.

He also expressed Dur’s ultimate interest in benefiting from this initiative as one of the pioneering private companies in this field, and highlighted the company’s readiness to contribute to the development of hotel projects and establish local and international partnerships to attract investments to the tourism sector.