In its annual gala held in Riyadh, Naif Alrajhi Investment (NRI) launched five Entertainment and Touristic projects worth over 100 million riyals.
The Company’s CEO, Naif Alrajhi, mentioned that this decision came to be aligned with the National Vision 2030, aiming at diversification of income resources, including the increase of the contribution of tourism sector to the national economy from 3% to 6% of the Gross Domestic Product (GDP).
Naif Alrajhi further confirmed that tourism has a great impact on pushing the local economy to create opportunities with attractive investment returns and job opportunities for the Saudi youth, referring that the Company aims, through such projects, to increase and raise the tourism and entertainment standards in Saudi.
Furthermore, Alrajhi pointed out that the Company intends to announce a huge family entertainment project in the fourth quarter of the current year focusing on the local tourists. This comes in light of the fact that Saudi tourists travelling abroad have increased to 4 million tourists annually with expenditures of more than 75 billion riyals according to Traveler Daily while they expend only 5 billion riyals annually in terms of local tourism and entertainment.
The Company also officially announced the final design for Burj Ramla, designed by one of the best internationally-reputed companies, the Japanese Company Nikken Sekkei, which has used cutting-edge technology and engineering standards in this design for the first time in Saudi Arabia.
The Tower will feature five-star facilities with area of more than 3,500 sqm, and is expected to be completed by the final quarter of 2018.
It is worth mentioning that NRI has witnessed a significant growth in 2016, through its branches in Dubai and London and in various investment sectors, such as capital markets and real estate sector, internationally, regionally and locally. The company has witnessed the largest growth rates since its inception and still aspires to maintain this performance and achieve its short-term and long-term goals.