FINANCIAL NEWS

Yemen seeks funds for $1b tourism initiative

06 May 2010

(MENAFN) Yemen’s tourist development authority is looking for international investors to fund a $1 billion development project that could boost tourist numbers in the country to 1.5 million by 2015, Gulf News reported.

The 2015 target of the development authority is to hit annual tourist revenues of $2 billion, more than double the current $903 million, Yemen’s deputy minister for Tourist Development, said at the Arabian Travel Market.

Tourist numbers saw a growth of almost 7 per cent in the first quarter of this year over 2008 figures. The official is hoping for similar growth for the rest of the year as well, despite currently facing international threat warnings for travelers.

The development plan will be implemented within five years and 2015 will see the final stage, the official explained.

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