(Bloomberg) -- Saudi Arabia will provide up to 2 billion riyals ($533.4 million) to fund 113 tourism projects nationwide this year, as the kingdom aims to expand the sector under Crown Prince Mohammed bin Salman’s plan to diversify the economy.
The Tourism Development Fund and Riyad Bank, which is backed by the country’s sovereign wealth fund, will provide funding starting at 1 million riyals and rising to 100 million riyals for the biggest projects, according to a statement.
Last week, TDF enlisted Riyad Bank to help finance a 1.3 billion-riyal project in the holy city of Medina. Saudi Arabia started TDF with an initial capital of $4 billion.
