Saudi Arabia's Tourism Development Fund (TDF) on Monday signed two agreements with the Arab National Bank (ANB) to increase the financing of tourism projects in the Kingdom.
One agreement includes the provision of joint financing mechanisms between the two parties to support tourism projects in the Kingdom. The other deal spells out mechanisms to provide TDF with financial guarantees to provide financing solutions to small and medium enterprises (SMEs) in the tourism sector.
Qusai Al-Fakhri, TDF chief executive officer, said the agreements will give a boost to the Kingdom’s tourism sector.
He said the initiative will help develop tourism agencies in major cities.
Al-Fakhri said Fund will continue forging partnerships with the banking sector to boost investments and help achieve the Kingdom’s goals for the tourism sector.
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 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.