Economics

Saudi Arabia Starts $4 Billion Tourism Development Fund

Visitors on the esplanade outside the Hasan Anani mosque in Jeddah, Saudi Arabia. — Visitors on the esplanade outside the Hasan Anani mosque in Jeddah, Saudi Arabia.
Photographer: Giuseppe Cacace/AFP via Getty Images

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By Reema Al Othman

June 21, 2020 at 8:54 AM UTC

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Saudi Arabia started a fund with an initial capital of $4 billion to develop its tourism industry as the oil-rich kingdom seeks to diversify its economy and attract more foreign travelers.