International Development Bank, Arab Tourism Organization join forces to boost Arab tourism
In a groundbreaking development for the Middle East’s tourism sector, the Arab Tourism Organization (ATO) and the International Development Bank in Iraq have officially inked a collaboration agreement. This landmark pact aims to invigorate tourism across the region.
The agreement, signed by Bandar bin Fahd Al-Fuhaid, President of ATO, and Ziad Khalaf, Chairman of the International Development Bank, sets the stage for the creation of a cutting-edge visa prepaid travel card. Additionally, it allocates financial support to drive tourism initiatives within Arab nations, as reported by the Saudi Press Agency (SPA).
Al-Fuhaid revealed ambitious plans, stating that the ATO intends to leverage the Itqan Tourist Development Fund in Jeddah, earmarking a staggering $1 billion for tourism-related endeavors spanning the region over the next two years. He emphasized a particular interest in nurturing rural tourism.
Highlighting the pivotal role played by Arab governments in fostering the tourism industry’s growth, Al-Fuhaid acknowledged their significant contributions.
Khalaf, Chairman of the International Development Bank, outlined the institution’s mission. Through its extensive global network of banks and affiliated entities, the bank aims to provide tailored financial solutions catering to the diverse needs of clients in the region, encompassing businesses, small and medium-sized enterprises, and individual travelers.
This strategic partnership between ATO and the International Development Bank holds the promise of revitalizing tourism across Arab countries, ushering in a new era of growth and opportunity.