Saudi Tourism Development Fund Signs 8 Financing Deals with Local Partners at Biban24 Forum
On Thursday, the Saudi Tourism Development Fund (TDF) signed eight financing agreements with local partners as part of its Tourism Empowerment program at the Biban24 Forum.
Financing Agreements
The Tourism Empowerment program aims to improve financing options for small and medium businesses in the tourism sector.
The Tourism Development Fund (TDF) announced a joint financing program with the Arab National Bank to help these businesses start and grow their projects in tourism.
TDF also finalized five agreements with different financing companies: Al-Tayseer Arabia, Al-Murabaha Flexible Financing, Tawkilat Financing, Al-Jabr Financing, and Al-Raeda Financing. These agreements aim to offer a variety of financing options with competitive rates to support tourism-related businesses.
Additionally, TDF partnered with two FinTech platforms, Lendo and Manafa, to make financing easier and faster for businesses in the tourism sector.
“TDF aims to boost private sector growth and create a supportive environment for entrepreneurs, helping to achieve the goals of the national tourism strategy and Saudi Vision 2030,” said TDF on Thursday.
The value of these agreements was not disclosed.
Encouraging Tourism
In September, Saudi Arabia announced that it would stop charging fees for licenses needed to operate hotels, hotel apartments, and resorts. This is part of a larger plan to make it easier to access municipal services and to support tourism growth across the country.
The Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail, made this decision to improve services for citizens, residents, and tourists and to make Saudi Arabia a more attractive place for investors. By waiving these fees, hospitality businesses will save money, which should encourage more investment in tourism.
This move is part of a bigger plan to grow Saudi Arabia’s tourism industry, which is an important part of the country’s plan to expand its economy.
Saudi tourism
Saudi Arabia saw a big rise in tourism activity last year, with 390% more licenses for tourism businesses, according to Tourism Minister Ahmed Al-Khateeb. In 2023, 27 million international tourists visited the country, leading the government to set a new goal of 150 million foreign tourists by 2030.
The National Tourism Strategy 2030, introduced five years ago, aims to boost tourism’s share of the economy to about 10%, create 1.6 million new jobs, and bring in major foreign investments by 2030.
Published: 11th November 2024
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