The Saudi Tourism Development Fund and the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, signed an agreement on Monday to develop and finance tourism projects in industrial cities, the Saudi Press Agency reported.
The cooperation agreement was signed on the sidelines of the Cityscape Global 2023 exhibition in Riyadh. It is in line with the Kingdom’s National Tourism Strategy, which seeks to attract 100 million visitors by 2030 while raising the tourism sector’s contribution to gross domestic product to more than 10 percent. Under the agreement, the two bodies will assess various land properties and propose viable tourism projects for each.
Collaborate to promote tourism investment opportunities
They will also collaborate to promote tourism investment opportunities to investors, entrepreneurs and project developers. Qusai Al-Fakhri, CEO of the Tourism Development Fund, said the new partnership with MODON sets a common goal of developing a competitive investment environment in Saudi Arabia that aligns with the interests of the private sector.
MODON CEO Majid bin Rafid Al-Arqoubi said the authority currently oversees 36 industrial cities across the Kingdom that feature elements of sustainable development, making Saudi Arabia a favored destination for qualitative investments. He added that the tourism investment opportunities that will be established under the agreement will help improve the quality of life in industrial cities and support the growth of the industrial sector.
Recent agreement between the Saudi Tourism Development Fund and MODON
The recent agreement between the Saudi Tourism Development Fund and MODON (Saudi Authority for Industrial Cities and Technology Zones) to develop and finance tourism projects within industrial cities aligns perfectly with the Kingdom’s National Tourism Strategy. This strategy aims to attract 100 million visitors by 2030 and boost the tourism sector’s contribution to GDP to over 10 percent. The collaboration between these two entities not only involves assessing land properties for potential tourism projects but also actively promoting tourism investment opportunities. This partnership sets the stage for creating a competitive investment environment in Saudi Arabia, catering to the interests of the private sector and further enhancing the quality of life in industrial cities.
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