The Saudi Tourism Development Fund (TDF) has launched the Tourism Finance Program, designed to provide the best solutions and soft financing products for small and micro enterprises, to enable them to benefit from promising opportunities in various fields of tourism.
The announcement follows the signing of a financing agreement with the Arab National Bank (ANB), at TDF’s headquarters in Riyadh, as part of its efforts to enhance tourism opportunities in the main destinations identified by the National Tourism Strategy and to maximize the societal impact of tourism development projects in the Kingdom.
The agreement, which was signed by TDF CEO, Mr. Qusai Abdullah Al-Fakhri, and the Managing Director and CEO of the Arab National Bank, Mr. Obaid Abdullah Al-Rasheed, was also attended by several officials from both sides.
Mr. Al-Fakhri highlighted the signing of this agreement with the Arab National Bank and the launch of the tourism financing program, by expressing optimism for the important role that the program will play in achieving the objectives of the Fund by supporting micro and small enterprises and entrepreneurs in the field of tourism.
Last month, TDF approved six strategic tourism projects worth $400 million. The Fund also concluded partnerships and agreements with the Ministry of Culture (MoC), the Cultural Development Fund, Radisson Blu and Deutsche Hospitality.
In January 2022, TDF partnered with Al-Ameen Real Estate, part of Al Nahla Group, to launch an $80 million worth tourism project in Taif, in order to transform Taif into one of the Saudi’s leading summer attractions.