The world’s top oil exporter, Saudi Arabia, is creating a tourism development fund with an initial investment of US$4 billion as part of efforts to diversify away from oil and polish its image as an attractive tourism destination. OPEC’s biggest oil producer, which allowed women to drive for the first time in 2018, is looking at developing tourism as part of its Vision 2030 program to have its economy less dependent on oil and more open to foreign investment. “The Tourism Development Fund will play a critical role in developing outstanding tourism experiences and unlocking the full potential of Saudi Arabia as a destination,” Tourism Minister Ahmed Al-Khateeb said in a statement, reported by Saudi Gazette. “The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia. The […]