From its inception last year to the end of September this year, Saudi Arabia’s Tourism Development Fund said on Monday that it had spent 2 billion riyals ($533 million) on tourism projects worth a total of around 6 billion riyals.

The remaining four billion riyals for the projects were raised from the private sector, according to a statement from the fund.

The fund, which was established in June 2020 with an initial $4 billion investment, is part of Saudi plans to diversify the Saudi economy away from the oil sector.