Arab Tourism plans $500m projects
Manama, October 9, 2013
Arab Tourism Organisation (ATO), an affiliate of the Arab League, plans to launch regional investment projects worth $500 million, said its chairman Dr Bandar Al Fahid.
The announcement comes following the first executive board meeting of ATO and BBK at the bank's head office in Manama.
Earlier this year, the two organisations signed a partnership agreement after which BBK became the main consultant and one of the financiers of ATO, supporting tourism projects and investing in local communities, reported the Gulf Daily News, our sister publication.
During the meeting, a number of projects were discussed, including the launch of funds to tackle poverty and unemployment through the development of local communities, and by investing in sustainable development and tourism projects, in addition to the launch of an investment guarantee mechanism through Islamic Development Bank, said the report.
The meeting also led to the formation of an executive board with Dr Al Fahid as chairman and BBK chief executive Abdulkarim Bucheery as deputy chairman.
Other initiatives were discussed such as the creation of investment funds for development of tourism, the Arab Village project as well as several schemes related to the time holiday business, it added.-TradeArabia News Service