The Arab Tourism Organization and Seraj Capital Group and Co. signed the contract of establishing the Arab Tourism Bank, which capital is estimated at two billion dollars, with the attendance of HRH Prince Sultan Bin Salman the Secretary General of the Supreme Tourism Commission and Engineer Joseph Sarkis the Lebanese Minister of Tourism, chairman of the 10th round of the Arab Ministerial Council for Tourism.
The shareholders in the bank, a number of Arab states, are maintaining 40% of shares while 60% will be subject to the public underwriting. One of the Arab countries will be chosen as headquarters of the Chairman of the Bank who will later establish the Tourism Development Funds that are adopted by the organization through Arab Ministerial Council for Tourism, which is estimated at four billion dollars.
Prince Sultan and Minister Sarkis signed the executive program for cooperation in the field of Tourism between the commission and Lebanese Ministry of Tourism, stemming out of the Trade and Economic Agreement signed between Saudi Arabia and Lebanon, which aims at consolidating close ties between the two countries and ensure the role played by Tourism sector in bridging gaps between peoples.
The Secretary General of the Supreme Tourism Commission Prince Sultan bin Salman asserted that cooperation agreement between the commission and Lebanese Ministry of Tourism will achieve more objectives and progress in the tourism sector, particularly as regards of exchange of expertise, skills and joint cooperation in all what would serve the Arab tourism, especially between Saudi Arabia and Lebanon.
Concerning signature of the Arab Bank Establishment agreement Prince Sultan bin Salman praised the idea of this project and he considered such a direction would serve tourism and Arab tourist.
On his part the Lebanese Minister of Tourism Engineer Sarkis commented on the agreement as successful idea for promoting tourism and that event deserves attention on various arenas, especially within the present conditions that are lived by Lebanon, which acquire all support from the government of the custodian of the Two Holy Mosques King Abdulla bin Abdul Aziz. He indicated that his ambition and the ambition of all the Lebanese people that tourism would return to Lebanon as it was in the past.
Chairman of the Arab Tourism Organization Bandar bin Fahad reiterated that measures and steps of establishing Arab Tourism Bank to be implemented immediately and also starting the execution of necessary studies with one of world offices that would help with foundation.
He added that the founders of the bank are some Arab countries who will maintain 40% of Bank shares while 60% of the shares will be cast for Public underwriting.