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Saudi Commission for Tourism & National Heritage (SCTH) has completed the funding requirements for 14 hotel and tourism projects in 13 regions which is valued at more than SAR400 million (USD107 million).

Abdul Majeed bin Abdul Mohsin Al Nasir, director general, tourism investment, SCTH, stated that through providing loans for hotel and tourism projects, SCTH aims to increase investment in hotel projects in the tourist accommodation sector of less developed regions that nonetheless have significant tourist attractions.

One of the initiative’s objectives, as Al Nasir indicated, is to increase the number of hotel rooms from 425,000 in 2015 to 625,000 by the end of 2020, as well as to support growth in the hotel and tourist accommodation sector investment, at the rate of at five percent per annum.