Saudi Tourism Commission finalizes Souq Okaz layout plan

The Saudi Commission of Tourism and National Heritage (SCTH) has finalized the framework for the Souq Okaz project in Taif, according to a statement on the official Saudi Press Agency (SPA).

The project will be located on a 10 million square-meter site, with a total investment exceeding SAR 8 billion for all stages of the project – 11 percent of which will be invested by the government, while 89 percent will come from the private sector.

The SCTH seeks to turn Souq Okaz into a round-the-year cultural tourism destination in the Kingdom, which will feature various cultural and entertainment facilities as well as a conference center.

The project is expected to generate SAR 377 million in revenues, and will add up to SAR 294 million to the Kingdom’s GDP. It is also expected to provide more than 4,400 job opportunities, and attract more than 266,000 tourists yearly.

The first phase of the project, expected in 2020, will be undertaken at a total investment value of SAR 2 billion.

The National Transformation Program (NTP) has allocated a sum of SAR 815 million for the project, including infrastructure works, cultural, entrainment and educational developments.

The project will also include public-private partnerships at a total investment value of more than SAR 7 billion, the statement said, adding that investors will benefit from the new tourism financing system recently approved by the government to boost hospitality projects.

The Souq Okaz masterplan currently comprises the layout plan, infrastructure works, a road linking the new Taif airport with the highway in addition to the cultural, educational and entertainment projects.

The SCTH, in coordination with other government entities, will undertake five main projects including museums and conference centers, and another 18 developments in partnership with the private sector companies including entertainment parks, open markets, shopping malls, hotels, a social club, schools and sports centers.