By John Lee.
Arab Tourism Organization and International Development Bank Sign Cooperation Agreement to Boost Arab Tourism Development
The Arab Tourism Organization (ATO) and Iraq's International Development Bank (IDB) have signed a cooperation agreement aimed at enhancing collaboration to harness opportunities for the development of the tourism sector.
The Arab Tourism Organization's President, Dr. Bandar bin Fahd Al Fahid, and the Chairman of the Board of the International Development Bank, Dr. Ziad Khalef Abdul Karim, represented their respective organizations in the signing.
Key initiatives to be pursued through this agreement include the issuance of the Arab Tourist Prepaid Visa Card, financing projects and investment opportunities for Arab investors, and the utilization of the Arab Tourism Organization's Tourism Development Fund.
The goal is to attract tourism investments to Arab countries by providing necessary financing for these projects.
Dr. Bandar bin Fahd Al Fahid, the President of the Arab Tourism Organization, emphasized that this memorandum of understanding aims to attract tourism investments to the Arab region. He praised the support of Arab governments, especially Saudi Arabia, in fostering the tourism industry through their keen interest and facilitation of the organization's activities in Jeddah.
He highlighted Saudi Vision 2030, which has made significant strides in the tourism sector, aiming to receive 100 million tourists and contributing 10% of the GDP to the national economy by the year 2030.
Dr. Ziad Khalef Abdul Karim, on behalf of the International Development Bank, mentioned that the bank uses the latest financial technologies and methods to provide innovative financial solutions that meet the needs of customers, including small and medium-sized enterprises and individuals, across the region.
It's worth noting that, by the end of 2022, the global tourism industry had welcomed 900 million tourists, achieving 63% of the 2019 pre-COVID-19 results. The Arab region has demonstrated a 100% recovery rate in tourism after the pandemic.
(Source: ATO)
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