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By Reuters Staff
3 Min Read
FILE PHOTO: A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
DUBAI (Reuters) - Saudi Arabia’s Public Investment Fund (PIF) launched a new venture that will invest $3 billion in developing tourism and infrastructure in the southwestern Asir region, the state news agency SPA reported on Wednesday.
The kingdom, which opened its doors in September 2019 to foreign tourists by launching a new visa regime for 49 countries, hopes to diversify its oil-dependent economy through tourism and wants the sector to contribute 10% of gross domestic product by 2030.
Crown Prince Mohammed bin Salman has long pushed the PIF as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil. Crude exports still account for more than half the kingdom’s income.