KSA earmarks $373m for Al-Oqair tourism project
Committee formed to study the region’s requirements, including necessary infrastructure
The Saudi Cabinet has announced the establishment of a joint stock firm with $373.3m in working capital to develop the Al-Oqair region for tourism purposes, as part of efforts to boost domestic tourism.
The Saudi Commission for Tourism and Antiquities (SCTA) has formed a committee to study the region’s requirements, and is coordinating with the concerned departments to provide the necessary infrastructure facilities such as roads, water and electricity for the project, said SCTA chairman,Prince Sultan bin Salman.
“A royal decree has been issued earlier approving the Supreme Economic Council’s proposal to establish Al-Oqair Development Company, a joint stock firm of public and private sectors,” said Prince Sultan.
The company will develop the region for tourism and establish hotels and furnished apartments, he said.
Al-Ahli Capital has been appointed as financial adviser for the company’s IPO.
