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, Bahrain. BBK is a key consultant and one of the financiers of ATO, supporting tourism projects and investing in local communities, it was reported in Bahrain’s Gulf Daily News.
A number of projects are under consideration including the launch of funds to tackle poverty and unemployment through the development of local communities, and plans to invest in sustainable development and tourism projects. In addition the ATO plans to launch of an investment guarantee mechanism through Islamic Development Bank, it was reported.
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.