Saudi Arabia, World Bank pledge $100 mln for global tourism fund

Minister of Tourism Ahmed Al Khateeb

Saudi Arabia, in partnership with the World Bank, pledged $100 million to establish the International Fund for Comprehensive Tourism, according to Minister of Tourism Ahmed Al Khateeb.

It will be the first global fund dedicated specifically to supporting global tourism growth, as it aims to support and build human and institutional capacities to spread the maximum benefit from the tourism sector, Al Khateeb said on the sideline of the Tourism Recovery Summit 2021 held in Riyadh today, May 26, 2021.

The step is important towards a more sustainable future for the sector, which is considered an opportunity to create a responsible response towards tourism, while preserving the environment, he added.

There is a need to build a resilient tourism sector post COVID-19, as several small and medium-sized companies closed and millions of employees in the sector lost their jobs.

"The environment must be preserved globally and individuals should be trained and qualified," Al Khateeb said.

He further added that there should be coordination between countries, as the current crisis is considered a risk to the tourism system. "We should work together to introduce a unified protocol to facilitate travel," Al Khateeb concluded.