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Aiming to support the private sector in its entertainment and tourism efforts, the General Entertainment Authority (GEA) and the Tourism Development Fund have signed a memorandum of understanding (MoU) outlining their collaboration across several interrelated areas. The MoU aims to secure funding for targeted projects in the entertainment and tourism sectors to stimulate their growth in line with the goals of Saudi Vision 2030.
The MoU was signed by each of GEA’s CEO Eng. Faisal Bafarat and the CEO of the Tourism Development Fund Mr. Qusai Al-Fakhri at GEA’s Riyadh headquarters.
As per the MoU, the Tourism Development Fund will brief GEA about the requirements and conditions that must be met to receive funding. In addition to that, it will assess the tourism opportunities currently available within the entertainment industry and their contribution to promoting the Kingdom’s tourism sector in accordance with the goals of the national tourism structure plan.
Both parties will cooperate to attract more private investors through promoting the financing solutions offered by the Fund, in addition to exchanging expertise and data pertinent to the tourism sector. Accordingly, the partnership will strengthen the relationship between both parties and allow the Fund to enrich the investor’s experience and channel private investments into the more promising tourism projects in the Kingdom.
Commenting on this collaboration, GEA’s CEO Eng. Faisal Bafarat stated that the memorandum aims to promote the entertainment sector and align its approach with the tourism industry, as part of the efforts made by both parties to achieve economic integration that serves the goals of Saudi Vision 2030 through strengthening the entertainment industry’s economic contribution, enabling its businesses to grow and thrive.
Eng. Bafarat added that in line with the directives of HE the Chairman of GEA Mr. Turki Al-Sheikh, the memorandum is one of numerous partnerships aimed at encouraging businesses to tap the entertainment market and achieve sustainable growth in accordance with world-class standards.
In parallel, expressing his deep appreciation of this step, the Tourism Development Fund’s CEO Mr. Qusai Al-Fakhri indicated that the tourism sector is undergoing an auspicious transformation that will harness the Kingdom’s tremendous tourism capabilities. He added that the Fund is striving at the same time to accelerate the sector’s growth by cementing its role as an enabler and supporter of investors.
Al-Fakhri emphasized that this collaboration with GEA will enable the Fund to connect with a wider base of investors who look forward to capitalizing on the anticipated rebound of tourism. “Empowered by this partnership, the Fund will pave the way for private companies, especially small and medium-sized enterprises (SMEs), to diversify their investments and benefit from the massive opportunities that make the Kingdom’s tourism sector so rich and promising.”
With a focus on promoting and developing tourism across the Kingdom, the Tourism Development Fund serves as the primary enabler for investors in the tourism industry. As such, it continues to make major progress in establishing substantially productive partnerships with several government and private entities to benefit from the opportunities available in the sector that are instrumental to positioning the Kingdom as a prominent world-class tourist hub. GEA’s partnership with the Fund will draw on the capabilities of two inter-linked sectors, unify their efforts, and increase the operational efficiency of projects of mutual interest, creating more incentives and added value for the target audience to invest in the tourism sector.
Expanding its roster of collaborators, the Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding with an affiliate of Hyatt Hotels Corporation to establish luxury hotels across the Kingdom of Saudi Arabia.
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