June 21, 2020 / 8:58 AM / 16 days ago

Saudi Arabia to launch $4 billion tourism development fund

FILE PHOTO: A Saudi tour guide stands inside a tomb at Madain Saleh antiquities site, al-Ula, Saudi Arabia February 10, 2019. Picture taken February 10, 2019. REUTERS/Stephen Kalin/File Photo

DUBAI (Reuters) - Saudi Arabia plans to start a tourism development fund with an initial capital investment of $4 billion, the ministry of tourism said on Sunday.

The Tourism Development Fund will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks, the ministry said in a statement.

Reporting by Davide Barbuscia; Editing by David Goodman

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