The Tourism Development Fund (TDF) has launched the AWN Tourism and Hospitality program to support small and micro tourism businesses in the Kingdom of Saudi Arabia with the resources they need to realize their objectives and aspirations within the tourism 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 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 and cafes, and entertainment.
CEO of TDF Qusai Al-Fakhri, said: "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. 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. The AWN Tourism Experiences program, designed for tour operators, event organizers, and cultural tourism product providers, offers financing solutions and products with easier mechanisms.
The Tourism Development Fund (TDF) and Hilton have signed a Memorandum of Understanding (MoU) to support the establishment of a strategic partnership with the objective of launching several leisure entertainment tourism destinations across the KSA.
The Tourism Development Fund (TDF) which entered into a tripartite partnership with Ennismore, the fastest-growing lifestyle hospitality company in the world, and Al Rajhi Capital, one of the leading Asset Managers in Saudi Arabia, has identified multiple sites to develop exciting lifestyle developments across the Kingdom, including urban beachfront sites.