Nabataean archaeological site of al-Hijr near the northwestern town of al-Ula, Saudi Arabia. (FAYEZ NURELDINE/AFP/GettyImages).
Saudi Arabia's Commission for Tourism and National Heritage (SCTH) has set aside 397 million riyals (US $105.86 million) for 2017 to support a new lending programme for hospitality and tourism projects, according to a statement on state news agency SPA.
Reuters reported that the announcement may be a sign that the Saudi government is unlocking funding for its National Transformation Programme (NTP).
In a time where most Middle Eastern countries are looking to diversify oil-based economies, the tourism lending programme will total three billion riyals over five years.
Hotelier Middle East previously reported that The Saudi Commission for Tourism and National Heritage had increased efforts to grow the participation of local men and women in the tourism sector.
Saudi Arabia’s tourism sector also hopes to employ 1.7 million people by 2020. The country wants to hire more people over the coming years in line with the kingdom’s Vision 2030 economic diversification strategy, according to Saudi Gazette.
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