Saudi Arabia’s Tourism Development Fund (TDF) has launched the AWN Tourism and Hospitality program to support small and micro tourism businesses in the Kingdom.
Under the program, TDF will provide tourism businesses with the resources they need to realize their objectives and aspirations within the industry.
The program aims to support new tourism establishments, in addition to remodeling the existing ones, by leveraging the flexible financing solutions provided by TDF, with allocations of up to $2 million (10 million Saudi Riyals), and a repayment period of up to 10 years.
Along with commercial franchising, the initiative will provide the targeted projects the tools they need to meet their needs in the areas of accommodation, restaurants, cafes, and entertainment.
The AWN Tourism Experiences program, designed for tour operators, event organizers, and cultural tourism product providers, offers financing solutions and products with easier mechanisms.
Mr. Qusai Al-Fakhri, CEO of TDF, said that “This program aims to unlock the potential of small and micro tourism businesses. Small business owners, too, have great business ideas; all they need from time to time is motivation and financial support to thrive. We are confident our new initiative will give them this opportunity while encouraging knowledge sharing, entrepreneurship, and job creation in the Kingdom.”
TDF has previously launched several support programs and financing solutions to assist small and micro tourism development projects in meeting their needs and creating investment opportunities to maximize their long-term impact.
According to the statement, “The pre-financing program by the Tourism Development Center is the first innovative and free educational opportunity for entrepreneurs to support and transform their ideas into sustainable businesses.”