Cabinet Oks a lending program for tourism and hospitality projects and licensing pilgrims accommodation facilities
Almasalla, ATP News- Cabinet Oks a lending program for tourism and hospitality projects and licensing pilgrims accommodation facilities
The Council of Ministers in its session , chaired by the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz Al Saud (may Allah protect him), approved the lending program for tourism and hospitality projects and mandating SCTA to take any necessary measures to license already approved buildings pilgrims accommodation.
The resolution provides “the Cabinet mandates the Ministry of Finance to offer loans to tourism and hospitality projects in accordance with its applied conditions. Lending conditions should give priority to the projects that are intended at least-developed cities and municipalities in the Kingdom. Maximum lending shall be 50% of project’s approved cost from Ministry of Finance and shall not exceed SR 100 million”
“The Cabinet mandates SCTA to take any necessary measures to license already approved buildings for pilgrims accommodation after meeting all municipality and Civil Defense’s requirements, and minimum requirements of hospitality operation in accordance with SCTA’s standards in order to ensure increase of occupancy capacity and encourage investment in those buildings”.