Saudi Tourism Commission to develop Taif’s Souq Okaz

The Saudi Commission of Tourism and National Heritage (SCTH) plans to invest SAR 3.7 billion in Taif’s Souq Okaz, turning it into a round-the-year tourism destination, state-run news agency, SPA, reported.

The project is expected to generate SAR 377 million in revenues, and will add up to SAR 294 million to the Kingdom’s GDP.

It is also expected to provide more than 4,400 job opportunities, and attract more than 266,000 tourists yearly.

The project will be financed by state funds (23 percent) and bank loans (77 percent).

The National Transformation Program (NTP) allocated a sum of SAR 815 million for the project, of which SAR 483 million will be utilized in the development phase I, including SAR 233 million to lay out the project infrastructure.

Also, the project will include public-private partnerships at a total investment value of SAR 1.80 billion.

Accordingly, the project’s phase I, expected in 2020, will be undertaken at a total investment value of SAR 2 billion.

The SCTH, in coordination with other government entities will undertake the development of a SAR 418 million worth of projects, including entertainment halls, Islamic history museum in addition to conference center.