[2007-07-09]  $2bn Saudi bank set to promote tourism
An agreement for the establishment of The Arab Tourism Bank was signed on July 4 at Hilton Hotel in Jeddah between the local Arab Tourism Organisation and Siraj Capital of Lebanon.

The ceremony was attended by Prince Sultan Bin Salman Bin Abdul Aziz, the secretary general for the Supreme Commission for Tourism in Saudi Arabia, and Joseph Sarkis, Lebanon's Minister of Tourism.

The two firms will carry out market and feasibility studies, financial and regulatory structuring work and the preparation of a private placement memorandum for the bank's initial paid up capital.

"Siraj will lead this initiative in partnership with Osus Company to identify the most appropriate model for the operation of the bank based on similar international existing models and to locate the strategic partners that would add the most value to the bank at its inception and later once it becomes operational," chairman of Siraj Capital Dr Ghassan Al Sulaiman said.

"The results of recent research and studies have underlined the importance of the establishment of The Arab Tourism Bank as a central focus point for supporting the development of the tourism sector throughout the Arab countries, where tourism is one of the fastest growing sectors," president of the Arab Tourism Organisation, Bandar Fahed Al Fehaid said.

The tourism investment bank will be capitalised at $2 billion and serve all Arab countries. Siraj and its partners will set up investment funds focusing on specific tourism sectors such as hotels, travel services, restaurants, sports tourism, entertainment and touristic venues, and health and religious tourism.


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Source: Copyright © 2007 Gulf Daily News, PO Box 5300, Manama, Bahrain