The oasis region in eastern Saudi Arabia, Al-Hasa province, is witnessing remarkable growth in requests for licenses for the establishing and operating of tourist and hotel facilities.
According to the Supreme Commission for Tourism and Antiquities in Al-Hasa, hotel investments taking place in the province amounted to about SAE1.4 billion, reports Saudi-based Alsharq.
It adds that more than 1,000 rooms are expected to be added in residential units and hotels of different categories in five years, according to preliminary estimates.
The commission reveals that it has received requests from investors who wish to take advantage of tourism and hotel projects financing programme, which was approved by the Council of Ministers in the spring of 2014.
Hamad Al Sheikh, the vice-president of marketing and programmes at the Saudi Commission for Tourism and Antiquities, says: “The Cabinet decision stipulated that the Ministry of Finance will lend hotel and tourism projects in accordance with regulations. That lending is granted to projects established in less-developed cities or provinces and with a population of at least a million people.”
(SAR1 = AED0.98, at the time of publishing)