10% of bank financing for tourism projects in the city

The Director General of Real Estate Development at the Tourism Development Fund – Saud Soleimani revealed that the banks ’contribution to financing tourism projects in Medina has decreased to less than 10% of the total financing of the sector in the Kingdom, compared to the city of Makkah receiving 60%, alluding to several reasons behind this. Most notably the high price of land. This came in the tourism system workshop organized by the City Chamber to discuss the causes of low bank financing for the sector in the region, despite its unique comparative advantages. The Undersecretary of the Ministry of Tourism for Investment Attraction – Mahmoud Samir Abdel Hadi stressed the importance of the comparative advantage of Medina among the prominent sites in the Kingdom, with the presence of the Hajar region and the palace of Urwa bin Al-Zubair to support the system, and to promote the Kingdom as an attractive destination for 37 million religious visitors and contribute 10% of the GDP Supporting the local private sector, attracting foreign direct investment and providing nearly a million job opportunities .. He referred to the new classification of the tourism sector that gives Makkah and Madinah privacy with a focus on qualitative addition in projects, and the Kingdom is looking forward to raising the sector’s contribution to the GDP to 10% in The interest in tourism remained as a tributary, the start of the development of tourist destinations on a large scale, the issuance of tourist visas, the monitoring of the quality of services and the commitment to pricing.

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